In the last decade the financial pressures facing a typical family have changed. It seems that more and more adult children are relying on financial help from their parents who may already be in retirement.
Research figures show that:
-30% of adult children expect to rely on help from their retired parents.
-18% of parents set to retire anticipate that their adult children will need financial help in the future.
A house deposit is often quoted as the most obvious reason an adult child would need financial help. Grandchildren are another popular excuse for requiring help with finances.
For parents approaching retirement this reliance on ongoing handouts is of particular concern and can be an emotive issue.
Many parents worry that further demands for help will limit their retirement prospects. This may result in them having to continue working to support their family.
Retirement seems to be a taboo subject for many families and parents seem loathe to discuss this matter with their offspring. This may explain why large numbers of adult children have little knowledge of financial products and have made little provision for their own retirement.
It is important that you take steps to discuss plans sooner rather than later to avoid confusion and disappointment at a later date.
