'Bank of Mum and Dad' leaves many without savings for care

In a poll of over 2,000 adults, adviser Wesleyan Assurance Society found over half (62%) expect to assist children aged 21+ financially with a deposit for a house, rent payments or saving towards future education. However, less than a fifth (17%) have started to make plans for the cost of care in old age. The research also suggested those with elderly parents and financially dependent children will be worse off in older age compared to their parents. Less than a tenth (8%) of over 40s contribute or expect to contribute to the costs of care for their parents. The research also showe...