1st September 2011
Friends Life has revealed how more than a quarter fo working women in their 50s are delaying retirement to support adult children and that children over 21 have received an average £3,180 in parental handouts over the past year.
Rising property prices, tuition fees and youth unemployment are forcing parents to cough up, Friends Life claims.
The report is part of Friends Life's Visions of Britain 2020 series and appears to claim that a 'golden generation' of working women in their 50s now finds itself bearing some of the financial burden of the younger generations.
The report also said that 70% of working women have allowed their adult children to remain at the family home, even if they have a full-time job. More than half (56%) of working mothers expect to help their children get on the property ladder, and 51% are prepared to help their children pay off their student debt.
This unprecedented financial support for adult children comes at a time when the Government has announced plans to speed up the timetable for the increase in the basic state pension age for women to 66.
But the report reveals that concerns about the financial security of their children is another factor forcing women to work longer, with 28% saying that they are considering delaying retirement in order to support their family. And 68% expect to have to work beyond 66 in order to fund their own retirement.
Jo Cann, marketing director, Investments and Pensions at Friends Life said:
"With property prices still way above their long-term average, tuition fees set to increase and youth unemployment high, the pressure on older working women to support their adult children will not abate. Coupled with the increase in the state pension age, early financial planning to take account of this additional strain on women's finances is essential if they are to enjoy the retirement they deserve."
The Working Women report has been compiled on behalf of Friends Life by The Future Foundation.
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