People facing retirement still supporting family members, survey finds

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9th May 2018 16:48 - Financial Services

A survey by financial services provider, Prudential, found that almost a third (31%) of people planning to retire this year are still supporting family members financially.
The poll found that while children are the most likely to be given financial support from parents, grandchildren and even older generations are also being helped – with an average spend of £4,320 a year. 
Just under a quarter (23%) of those expecting to retire in 2018 help their families with university tuition fees and money towards living expenses. Others (22%) are helping children with a financial boost to help them buy their first home. 
Monthly spending
Soon-to-be retirees predict they will pay out around £360 per month to family members, with 19 per cent putting that figure at over £500 – money that 27 per cent of respondents say goes towards travel expenses and other living costs such as food. 
The average number of family members being supported by those planning to retire this year is three, the poll of 1,000 found. 
 “Increasing financial pressure faced by people of all ages, such as the cost of university education and the rising cost of buying a home, means that providing financial support to family members continues well in to retirement,” said Stan Russell, a Prudential retirement income expert. 
“While it’s understandable so many people want to financially support family members, it is important to make sure they have enough money set aside themselves to cover their own living costs and don’t put their retirement at risk,” he added.  

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