Younger Brits plug pension gap

Fri, 13 Jun 2008

According to reports in the pensions news, as many as 1.5 million British adults are helping their elderly relatives who are struggling to meet the cost of living with their pension schemes . Offering financial assistance to elderly relatives is apparently becoming more common.

Pension poverty is a major problem in the UK, particularly with the credit crunch forcing the UK to tighten belts. The rising costs of energy, food and living in general means many pensioners simply cannot survive with their pension scheme .

Engage Mutual Assurance found that as many as 1.7 million people, some 10 per cent of adults in the UK, are helping aged relatives with the cost of living. This type of care can take numerous forms, such as paying for care, helping with day-to-day expenses, or taking the parent in question into their home.

A spokesperson for Engage, Karl Elliott, reportedly commented: "As costs of living increase, retirees are finding it increasingly difficult to make ends meet. In hard times people often turn to family members for support and, as our research shows, this is the case for elderly relatives as well as young adults who are finding it increasingly difficult to disconnect themselves financially from their parents. With the size of Britain's retired population growing, and costs of living increasing, it is important that people save little and often towards their retirement in order to reduce the pressure on themselves and their family to make ends meet in old age."
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