Jul 30 2008
New research has suggested people trying to save for retirement are continuing to financially support grown-up children.
Figures from Mintel show that ten per cent of British people over 50 have their adult offspring still living with them – and seven per cent of the age group are not receiving money from them.
Additionally, 23 per cent give financial help to their children on a regular basis. This may spur concerns that money that would otherwise go towards nest egg savings or products such as Sipps is supporting the working generation.
Consumer research manager at the group James McCoy said many parents are paying out for their children "for longer than they may have hoped".
"For some this can mean that they are forced to delay plans in other vital areas of retirement planning, for instance selling their home to release equity."
The study also found grandparents are being called on more for babysitting and help with DIY and cleaning.
Baby boomers make up a third of the UK population, Mintel said.
