UK Money News
27th March 2008
Pensioners turning to children for help with money
More and more pensioners are expecting financial help from their offspring, a survey has shown.
According to a study from Axa, 26 per cent of those heading for retirement expect their children to help them, while 16 per cent who have already given up work also expect to be helped.
The findings have been interpreted as a move towards the kind of relationship that is seen between parents of retirement age and their adult children in the rest of the world, but which has traditionally not been evident in the UK.
However, compared to other countries the proportion of British retirees expecting assistance is minimal.
In Hong Kong for instance the figure stands at 95 per cent, while in India it is 84 per cent.
Steve Folkard, head of pensions and savings policy at AXA, said: "The research shows that, although Brits may not expect as much from their children as their counterparts around the globe, they do anticipate needing a fairly large degree of financial and material support.
"Couple this with the fact that UK citizens are currently amongst the most heavily indebted in Europe and it is clear that unless savings habits change soon today’s young people will be picking up a heavy burden on behalf of their parents."
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