Older Brits with kids 'less likely to provide for themselves in retirement'

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Older Brits with kids 'less likely to provide for themselves in retirement'

Wed 23rd Nov 2011

Older Brits who have children living with them in their home have less retirement plans than those who do not have children, new research has shown.

According to data compiled by Standard Life, almost half (49 per cent) of 45 to 64-year-olds with two or more children living with them in their home have no financial plans to provide for themselves when they retire.

John Lawson, head of pensions policy at Standard Life, said: "There is obviously only so much money to go round. But the loss of pension can be a forgotten cost for many when making decisions, in particular by going part time."

Furthermore, figures compiled in the Aviva Family Finances Report recently showed typical household debts now amount to almost half of all annual income for Brits, while average monthly contributions to savings pots have fallen to their lowest level in 2011 at just £19 this month.

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