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.”