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

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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.”

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