1 in 3 financially supporting friends and family
Almost 1 in 3 (32%) of Britons have given financial assistance to family or friends over the past six months, according to a new report.
One in 10 retirees who had helped someone financially did so using money from their pension, according to the latest LV= Wealth and Wellbeing report.
The main reasons people gave away money were to help with day-to-day costs (40%) and bills (33%). Over the past six months Britons had also given money to help with paying debts (11%), mortgage or rent (11%), and childcare/education costs (8%).
The average amount given to children was just under £9,000, while the average amount for grandchildren was (£10,300).
Younger savers were less likely to have given support, with 20% of those aged between 18 and 34 having supported friends and family financially.
David Hynam, CEO at LV=, said: “In recent months, younger generations have had to lean on friends and family members for financial help with living costs. Parents are also willing to support their children through adulthood, potentially putting a strain on their own finances.
“Retirees are dipping into their pensions and other savings. The idea of passing down a living inheritance is understandable, yet it is important that this shouldn’t prevent a comfortable retirement when many pensioners are already living on a fixed income.”
LV= surveyed 4,000 Britons in June.
From Financial Planning Jobs. For more click on any job.
-
Financial Planner - home based/UK wide - £60k+
Financial Planning Jobs Read more... -
Financial Adviser - London/South East - To £70k
Financial Planning Jobs Read more... -
Senior Financial Adviser - £65k-£75k - Bucks
Financial Planning Jobs Read more...
This is a selection of jobs from our new Financial Planning Jobs site - for more job vacancies click on any job or the link below.
Financial Planning Jobs https://jobs.financialplanningtoday.co.uk/