fbpx

Over a third of people retiring this year are providing financial help to their families says survey

Home / News / Over a third of people retiring this year are providing financial help to their families says survey

Over a third of people retiring this year are providing financial help to their families says survey

Lifetime news

Posted on: 29/03/2015

More than a third of people retiring this year are currently supporting their families financially.

That’s according to a survey carried out by international financial services group Prudential.

The survey, of more than 1,000 people planning to retire in 2015, found that 36% are providing financial help to relatives.

Indeed, the survey stated that retirees are paying an average £250 a month and almost £3,000 a year to their families.

Almost one in eight people (12%) pay more than £500 a month to family members.

Of the 2015 retirees that subsidise their families:

  • 56% give money to their children and their partners
  • 27% provide support to their grandchildren and their partners
  • 7% help their parents

Stan Russell, retirement income expert at Prudential, said: “A large proportion of this year’s retirees will be providing support to their families through one form or another and as a result they will see their retirement incomes squeezed.

“Even if the financial support they offer is minimal, many new pensioners will continue to play an important role in providing a home for other family members. This will obviously need to be factored into a retiree’s budgeting plans for their post-work years.”

Are you ready to start your
financial journey?

By continuing to use the site, you agree to the use of cookies. more information

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.

Close