You might need to think about getting a job when your kids spend your pension, that’s what!
Will the kids spend your pension? One in five parents with adult children have used cash initially intended for their pension to help their offspring, a survey by the pensions giant The Prudential has found.
Some 19% of those surveyed for had taken money out of their pension fund or sacrificed saving for their retirement to help their children financially.
A further 19% have also made cutbacks to their lifestyles so that their cash could go to their children.
Nearly three-fifths (59%) of those who have lent money to their offspring have later decided to write off some or all of the debt – with a generous third (34%) having written off the whole lot.
The research also found those parents who expect to be repaid are giving their children a generous amount of time to pay off their loans.
Nearly a third (31%) expect repayments to take up to three years, and one in six (16%) plan to wait between three and ten years before the money is back in their accounts.