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Cash crisis at the bank of mum and dad.

 

 

Cash crisis at the bank of mum and dad.

A survey by Legal and General has found that many parents are facing an uncertain retirement because they have been too generous with their children.

Because of the dependence by young people on the Bank of Mum and Dad and grandparents a quarter are not sure they will have enough to last them in retirement.

One in five of the over 55s has dipped into their savings to help children out. One in eight has accepted a lower standard of living because they have gifted money. And six percent said they have had to postpone their retirement.

Are you strapped for money because of helping your children?

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