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40% of retirees financially support family at £3000pa

A recent study by The Prudential has revealed retirees, who still provide regular support to their dependants, pay out an average of £250pm or £3,000 over the course of a year.

Giving financial help to family is still seen as very important but people retiring this year are concerned they may be risking their own standard of living because of the levels of support they provide.

Catch

This year’s retirees, who have dependants, are providing financial support, on average, for two other people. These are most likely going to be their children or grandchildren.

Money bags

Geographically there seems to be a wide range in the number of dependants being supported. The West Midlands, for example, has double the national average of four. At least half of the dependants being supported by this year’s retirees are family members aged 25 or under.

The study found that 30% of people retiring this year, who are giving their financial support, will still leave an average inheritance of nearly £180,000. However 24% said they won’t be able to afford to leave anything.

Prudential’s study also shows that 28% of those retiring this year have families but do not provide them with any financial support, while 33% do not have any dependants.

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