Now Bank of Mum and Dad needs bailout from children! More than half of UK adults now expecting to support their parents financially in retirement, poll reveals

Oct. 9, 2024 - Daily Mail

The Bank of Mum and Dad is set to go into reverse, with more than half of British adults now expecting to support their parents financially in retirement. Two thirds of adults admit to benefiting from the so-called ‘Bank of Mum and Dad’ when they were in their 20s and 30s, the research from pensions firm Aegon found.

But a clear majority of adults do not expect their parents to be financially self-sufficient as they get older, with 55 per cent either supporting or expecting to support their parents in retirement. The Bank of Mum and Dad is set to go into reverse, with more than half of British adults now expecting to support their parents financially in retirement.

‘ Again, this has changed with parents of younger adults often not faring so well.’He added: ‘Our research shows that younger generations are aware that the Bank of Mum and Dad may at some point flip.

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