Scottish Widows: Parents put pension savings at risk to help children

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Scottish Widows: Parents put pension savings at risk to help children

Scottish Widows has released research which reveals that many parents are putting the savings they have set aside for their retirement at risk in order to help their grown-up children through the financial crisis.

According to the pension provider, 89 per cent of parents who have lent a significant amount of money to their children have had to dip into their savings or investments to find the cash.

Scottish Widows claims that as a result, 17 per cent of these parents have increased their own levels of debt and 22 per cent have had to cut back on daily living expenses.

Gordon Greig, head of savings and investments at Scottish Widows, said: "It's questionable as to whether the current younger generation of adults will ever learn the necessary savings habit if their parents continue to bail them out in this way."

Recently, research by NatWest showed that many parents are increasing the allowance they give to teenagers and pre-teen children, but expecting them to cover more of their own living costs in an attempt to teach them how to budget at a young age.

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