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Key Statistics
- More than one in five (22 per cent) Britons aged between 25 - 40 years are expecting to have to support their parents financially after they retire
- A further 41 per cent of adults are worried about their parents financial situation as they get older
- Grown up children are expecting to contribute an average of £76 a month to help support their parents financially in their retirement
- That's more than £1billion nationwide a month (25 - 40 year olds)
- There appears to be a number of areas where children will need to support their parents - nearly one in five expect to pay for their parents retirement or nursing home, 13 per cent will lend them money, more than one in 10 (11 per cent) assume they will pay for their healthcare and a further one in ten (9 per cent) will help top up their pensions
- Children are considering a number of options to raise money to help their parents out financially - nearly half will give up their inheritance and a third will invite their parents to live with them
- One in ten said that they would be willing to re-mortgage their property in order to give their parents money, more than one in seven would take out a loan and nearly one in three (29 per cent) would make cutbacks on their lifestyle
- It seems that their worries are justified - more than one in seven (13 per cent) of the respondents state that their parents will have between 5-20 years left on their mortgage to pay by the time they hit retirement
- In addition, nearly one in five (19 per cent) claim that their mum and dad only have their state pension to rely on in their old age