Parents 'want financial help from offspring in old age'

Despite recent reports of parents having to provide financial support for their children long into adulthood, it has emerged that many retirees are relying upon their offspring for money.

A survey conducted by Yorkshire Bank shows that more than 25 per cent of all parents hope that their children will help bankroll their retirement and only 13 per cent have adequate savings.

This suggests that many older people could be facing financial difficulty in their later years unless their children are prepared to provide support. In light of these findings experts at Yorkshire Bank argue that parents need to make the necessary provisions for their retirement.

"By not saving for the future, parents appear to be aware they're storing up hardship for themselves," stated Gary Lumby, Yorkshire Bank head of retail.

"The easiest solution is to start saving now."

Scottish Widows recently reported that a growing number of parents are having to financially support their grown up children due to poor money management among younger generations, with almost 40 per cent of mums and dads spending their savings on their kids.

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