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Retirees Support Families Financially

More than a quarter of retirees have given financial support to members of their family, research by LV= has found.

The survey of more than 2,000 retirees found that 28% had given money to their family.

The research found:

  • 39% of retirees in London have provided financial support to family members
  • this compares to 15% of retirees in Wales.

The survey also looked into the life changes that occur in retirement:

  • 32% of retirees said their health had declined within the first 5 years of retirement
  • this figure increased to 44% in Scotland
  • 9% had been seriously ill within the first 5 years of retirement
  • 5% had lost their partner.

Richard Rowney, life and pensions managing director at LV=, said:

“Although retirement is often seen as a time to take your foot off the pedal there are often life changes that occur that could lead to financial upheaval.

“It is therefore essential that retirees have a degree of flexibility around their finances so they can adapt to a change in their needs.”

 

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