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Adults 'unable' to help parents in retirement

Adults 'unable' to help parents in retirement

Category: Loans

Updated: 16/02/2009
First Published: 16/02/2009

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Problems in the current economic climate are leaving adults who want to help their parents in retirement unable to do so, it has been found.

Research by Norwich Union has revealed that nearly three-quarters of those questioned worry that their parents will struggle, while 68 per cent would like to contribute but are unable to do so.

In addition, 21 per cent are worried that they will also have to support children as well.

This so-called sandwich generation were shown to be facing difficulties such as paying off secured loans, with 27 per cent citing mortgages as their biggest financial concern.

Commenting on the results, Dominic Fraser-Smith of Norwich Union, remarked: "It is vital that younger people start planning their finances now, to avoid potentially storing up even bigger issues for themselves and their relatives in the future."

Engage Mutual Assurance recently found that 40 per cent of people between the ages of 18 and 24 had been providing help to their

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