Pensioners set to give families 'thousands of pounds' in retirement

On average those planning to retire this year are providing financial support to three people, with their or their partner's children the most likely (56%) to be receiving money. Similarly, grandchildren (25%) are also likely to receive help and even in some cases parents (8%) and grandparents (2%). Those planning to stop work this year expect to give their extended family £360 a month on average, adding up to £4,320 a year after tax. Nearly one in five of those have estimated they provide more than £500 a month to family members. Prudential found the money is most commonly used to...