Many to rely on the bank of parents

Nearly a third of adults admit they will continue to rely on their parents for financial support after they have retired.

Around 30 per cent of people said they would continue to ask their

mother and father for handouts once their parents had started drawing their pension, according to insurer Aviva.

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The figure is considerably higher than the 18 per cent of parents who expect to have to continue supporting their adult children during their retirement.

Parents were most likely to expect to have to help their children buy a house at 62 per cent, something 44 per cent of children claim they will turn to their parents to get help with.

Around 47 per cent of parents also expect their offspring to need help meeting the cost of raising their own children, with 30 per cent of people expecting their parents to help them out with this.

But half of those who expect to have to continue helping their children financially when they have retired say they feel worried, concerned or angry at the prospect.

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Clive Bolton, Aviva's at retirement director, said: "The financial landscape and the pressures on the modern family have massively changed over the last decade.

"Rather than inheriting from their parents, our research suggests many adult children now expect financial help from their parents at a time of life when they may struggle to give it."

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