UK Money News
13th February 2008
Couples financially hamstrung by family responsibilities
A number of couples with elderly parents and young children are struggling to cope with the financial burden of supporting them, a poll has shown.
The discovery of the financially embattled generation was uncovered in a study of 1,000 couples quizzed by Norwich Union who have found themselves strapped for cash as a result of their familial responsibilities.
The extent of their plight was born out by the study's finding that one in four of respondents is currently mulling cashing in their own savings or investments to be able to help fund their parents' retirement.
What is more the impact of the added expense means that this generation are neglecting to plan for their own future, with close to 60 per cent saying they did not think their savings would see them through their retirement.
Scott Brown, Norwich Union spokesperson, said: "Talk of the so-called 'savings gap' is nothing new, but this study is an urgent reminder of the very real impact this issue could have on the next generation of retirees.
"What makes it all the more alarming, however, is that, while adult children told us they fear supporting their own parents, an incredible two thirds (63 per cent) admitted they have no financial plans for their own retirement."
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