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Aviva research highlights post retirement fears

Research from Aviva has found that six in 10 people over the age of 50 worry that their pensions and savings are not enough to support them after retirement.

The firm says the worries have created a new generation of “baby gloomers”, who are the children of the elderly population that will need to support both their parents and their own children.

Results from the Cost of Family Care study found 71 per cent of adults fear supporting their parents could cause financial problems of their own, 60 per cent are concerned about the cost of retirement homes and 25 per cent plan for their parents to live with them.

The study also found that although “baby gloomers” want to help their parents, 67 per cent say their own financial situation provides a challenge in doing so and that 43 per cent have delayed their own retirement plans because of the current economic situation.

Aviva head of pension propositions for UK life Paul Goodwin says: “Future finances are one of the most crucial areas families need to discuss and a key area where people should seek independent financial advice. Almost half (45%) of adults told us they have no idea how their parents plan to fund their retirement, but six in ten (62%) admitted they feel uncomfortable asking their parents questions about their finances.”

Aviva suggests that families who are struggling financially need to talk about their finances so they can make a plan, seek support and advice and create a timeline.

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