Transcribed

Class of 2013 - Depedants

THE CLASS OF 2013 M Retirees provide financial support to families 40% £240 11% of those retiring this year provide financial support to their families The average amount of financial assistance offered each month give more than £500 per month to their families Scotland- Proportion of those providing financial support to families Most popular reasons why retirees give money to dependants 40% Everyday living costs e.g. food 15% - North East One-off purchases e.g. holiday, new car, new TV 14% 42% -Yorks & The Humber Household bills 11% North West 37% 36% East Midlands West Midlands 40% Childcare and other child 10% 44% costs for grandchildren Wales Eastern Other essential outgoings e.g. car insurance, education 9% 49% 36% South West 34% Mortgage and rental payments - London 6% South East 52% 40% Leaving an inheritance Living under one roof 49% 16% 13% of this year's retirees have children under the age of 25 living in their home have children aged 25 and over still living with them of those planning to retire this year expect to leave an inheritance 37% 4% 3% share their homes with a child's partner have grandchildren living in their home believe their family actually expects to receive one PRUDENTIAL!

Class of 2013 - Depedants

shared by PrudentialUK on Apr 24

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Two in five people (40 per cent) retiring this year provide financial support to their families which may be at risk as their incomes drop, according to new research from Prudential. The insurer’s ... Class of 2013 research, the latest of the annual studies conducted by Prudential since 2008, tracks the financial plans and expectations of people entering retirement this year. The report shows that retirees who provide support to dependants pay out on average £240 a month to help their families, with 11 per cent paying out more than £500 a month. Contributing to their families’ everyday living expenses was the most likely call on the finances of those expecting to retire this year. Around 15 per cent say they provide money regularly to cover items such as food or travel, while 14 per cent help with one-off non-essential items such as holidays, new TVs or even cars. Prudential’s study also shows the make-up of UK households of those about to retire, with adult children and even grandchildren still living in the family home. Around two-thirds (68 per cent) of those planning to retire this year will have no dependants living with them. Almost a sixth (16 per cent) of this year’s retirees have children under the age of 25 living at home, while 13 per cent have children aged 25 and over still living with them. Around four per cent even share their homes with a child’s partner, while three per cent count their grandchildren as housemates. Despite these financial pressures, around 49 per cent of those planning to retire this year still expect to be able to afford to leave an inheritance to their families, although fewer (37 per cent) believe their family actually expects to receive one.

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Prudential