View more on these topics

One-sixth of children give money to parents

Sixteen per cent of children help their parents with money, according to research carried out by Mori for Norwich Union.

Twenty per cent of children said they regularly advise their parents on financial matters and 11 per cent help their parents by paying bills.

Eighteen per cent of under35s give their parents financial assistance compared with 15 per cent of over-35s.

The Mori survey, which was carried out in March, questioned 300 children aged between 21 to 55 and 300 parents aged over 55.

It showed that 27 per cent of parents get help with transport, 19 per cent have their shopping done by their children and 18 per cent are taken on holiday by their children.

Director of personal finance Mark Kelly says: “With many older people facing a tougher retirement due to issues with pensions and increased living costs, it is perhaps not surprising that they are turning to their children for financial assistance.”

Recommended

Wicks&#39 claims just don&#39t figure

Pensions minister Malcolm Wicks told delegates at the recent Labour Party conference that stakeholder was a resounding success. Speaking at a fringe meeting, entitled, Pay Now Spend Later: Is The Gov-ernment Savings Policy Going To Bridge The Savings Gap?, Wicks was asked by Money Marketing if he would acknowledge that stakeholder pensions have failed to […]

&#39IFA firms opting for independent TVAS providers&#39

A big number of IFA groups are already asking advisers to use independent transfer value analysis systems and more will do so in the future, says TVAS provider O&M Systems. Director Graham Miller says most networks, including Sage Financial Services, Inter-Alliance and Burns Anderson, are already suggesting that advisers use independent reports for pension transfers. […]

Santander chief set to replace Arnold at Abbey

Grupo Santander chief financial officer Francesco Gomez-Roldan is set to replace Luqman Arnold as chief executive of Abbey once the acquisition is approved by the FSA. The appointment of Gomez-Roldan is expected to take effect from November 15 subject to FSA approval on November 12. Arnold will continue to work with Santander as a senior […]

PFS looks to develop identity after merger gets go-ahead

The Personal Finance Society is developing its corporate identity and branding following the overwhelming yes vote to the merger between the LIA and Sofa. As well as a new logo, work has started on creating a membership register through the merging of the LIA and Sofa databases. The PFS aims to send out membership cards […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com