Many adults fail to discuss retirement plans with parents

Many adults have never discussed retirement plans and finances with their parents despite the impact it might have on later life care, according to new research. A survey from Financial Planning firm and wealth manager Charles Stanley found that 14% of UK adults have never discussed retirement plans with their parents. Among those aged 39-53 this rose to 20%. However, the cost of funding residential care in retirement is a significant worry for UK adults with 21% saying that their parents either will, or are already having to, fund the cost of a retirement or care home later in life. With the cost of living in retirement rising, 22% of adults surveyed also said they expected to go back to living in the same house as their parents to save money. Of the 2,000+ adults surveyed, 42% believed that retirement costs will impact on any inheritance they expect to receive from their parents. A further 8% also thought it unlikely they will inherit anything due to the costs of care in retirement. Many of those surveyed had already received financial help from their parents to help with key life moments. Three in five (60%) had received help with house deposits, weddings, car purchases, or starting a business. Alex Price, director of Financial Planning at Charles Stanley, said: “Whichever route families decide to go down, the key starting point is talking about the options available and planning early. But one in seven UK adults admit that they have never discussed their parents’ retirement plans with them, potentially building up trouble for the future. “Just thinking about having conversations about money can feel uncomfortable, and often, people don’t know how to start having them. But they are essential to make sure you can take advantage of all the available options and can achieve your longer-term goals, which will provide real comfort and peace of mind.” Research was carried by Censuswide among a UK representative sample of 2,018 adults. The survey was completed February.

Many adults fail to discuss retirement plans with parents

Related items

News from Twitter