Parents turn to kids for cash

It used to be the case that children went to the bank of mum and dad to help them out of sticky financial situations.

However, new research suggests that the trend is reversing, with mum and dad now beginning to turn to the bank of son and daughter in order to live comfortably during retirement.

Yorkshire Bank looked into the financial relationship between children and their parents and found that 27 per cent of people with children are hoping that their offspring will help them out when they retire if need be.

That would seem to be likely considering that 40 per cent of those asked said that they have no real savings for when they retire.

A total of 60 per cent of these people say that they know they should be saving but just cannot afford to as the cost of living continues to rise.

“By not saving for the future, parents appear to be aware they’re storing up hardship for themselves,” commented Gary Lumby, head of retail at Yorkshire Bank.

“Many are already presuming their children… might be the answer to all their financial problems. However, the easiest solution is to start saving now.”

Mr Lumby went on to say that people approaching their 30s should be thinking about putting ten per cent of their income into a pension so that they can live comfortably in retirement.

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