« Back to articles
This article is for information only. It does not constitute advice. Chase Saunders Ltd does not provide services for savings, investments, mortgages or insurance. You should seek advice on these areas from a qualified financial advisor.
Bank of son and daughter to help mum and dad?
A quarter of parents will be looking to their children to help fund their retirement, according to latest research.
Data from Yorkshire Bank found that 27 per cent of Britons are hoping that their well-off offspring will financially support them during old age.
The research also found that 40 per cent of people have no real savings for when they retire, with 60 per cent acknowledging they should financially prepare for old age but cannot afford to do so.
Gary Lumby, head of retail at Yorkshire Bank, said that in the face of having no money to fall back on, more than half expect to make cutbacks when they retire.He added: "For people who are looking to start saving for the future, however little they can afford to put away each month, ISAs are a great option.
"It can be a real struggle to think about the long-term when the here and now is taking up your funds."
Consumers worried about the level of their outgoings may wish to consider
debt management as a means of tackling their finances.
Alternatively a
debt consolidation loan might reduce the rate of interest on monthly payments.
Created on 15/03/2007 14:03:09
Debt News
Debt News Archive