1 in 3 over-50s financially support ‘dependents’

More than 1 in 3 (36%) workers over the age of 50 are planning to retire later to help ease the financial pressures on dependent adult children, according to a study. 

Aviva’s Real Retirement Report, which surveyed 3,327 adults, found 32% said their adult children’s financial needs are the only reason they’re still in employment.

In addition, 12% said the only reason they are still working is to support the financial needs of their own parents or their partner’s parents.

43% of those supporting an elderly relative also had concerns about balancing their working life.

22% forfeited chances to save for a comfortable retirement to put financial dependents first, while 12% stopped saving entirely to support financially dependent children and parents.

Overall, 43% blamed not having enough pension savings as the main reason to working longer and retiring later than planned.

Lindsey Rix, managing director of savings and retirement at Aviva, said:

“With children flying the nest later and later, many over-50s are shouldering the responsibility of putting their families’ financial needs ahead of their own for a prolonged period.

“As a result, many are facing a dilemma over delaying their retirement, while others are struggling to maintain their retirement savings habits. 

“Workers of this age are in a key stage of retirement planning and are facing unprecedented hurdles.”

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