Adult children could be increasing their retired parents' debt fears by continuing to expect financial hand-outs, new figures have suggested.
Adult children could be increasing their retired parents’ debt fears by continuing to expect financial hand-outs, new figures have suggested.
Carried out by Aviva, the research found mothers and fathers approaching the end of their working life are being placed under monetary strain as their kids believe the ‘bank of mum and dad’ will always be open.
Despite only 18 per cent of parents anticipating their offspring to request such aid, 30 per cent of adult children claimed they are banking on help from their parents to help them with money matters.
And it appears mums and dads are expected to dig deep into their pockets to help fund major investments on behalf of their sons and daughters.
Nearly two-thirds (62 per cent) of parents who are preparing to help out their kids noted they will be doing so in order for them to buy a home – with 44 per cent of children expecting such a donation.
The second most popular reason for mothers and fathers forking out cash for their offspring is grandchildren – with 47 per cent of parents expecting to help fund the next generation.
However, 50 per cent of respondents admitted they are concerned about the prospect of being able to afford helping out their kids when they no longer have a working income to rely on.
Clive Bolton, ‘at retirement’ director for Aviva, said: “Many adult children now expect financial help from their parents at a time of life when they may struggle to give it.”
Recent research carried out by Scottish Widows suggested young women are failing to adequately prepare themselves financially when they reach retirement age.
By Joe White