Jun 12 2008
Millions of adults living around the UK are worried that their parents have not saved enough to support themselves in retirement, according to a new report.
In fact, figures compiled on behalf of Engage Mutual Assurance suggest that only 42 per cent of people believe that their parents will have sound finances as they grow old.
The latest research also found that almost one in ten British adults are helping their mother or father to cover the costs of living in retirement.
Furthermore, around three per cent of people have arranged for their parents to live with them or with another relative as a result of financial constraints.
"It is important that people save little and often towards their retirement in order to reduce the pressure on themselves and their family to make ends meet in old age," said Karl Elliott, spokesperson for Engage Mutual Assurance.
Meanwhile, the government recently launched a consultation aimed at charting a course for the development of workplace pension schemes in the UK.
