Brits 'supplementing pensions for parents'

As the UK population ages, more and more people are resorting to supplementing their parents' pensions in a bid to help them afford old age.

This is according to assurance firm Engage Mutual, which points out that families of four and even five generations will replace the traditional three as people live to an older age.

"More than one in ten adults already contributes financially towards their parents' retirement and six in ten adults say their parents don't have sufficient savings to afford their retirement," a spokesperson for Engage Mutual said.

The organisation recommends saving regularly to help meet financial challenges.

In related news, according to insurance provider Endsleigh, 40 per cent of 23 to 35-year-olds do not have a pension, with nearly a third blaming this upon debts from student loans and credit cards.

Meanwhile, at the other end of the scale, investment provider Skandia recently found that 40 per cent of parents admit to worrying that it will be their responsibility to help their children pay off debts as they grow older.

A generous 31 per cent also said they expect to provide a home for their children throughout their adulthood as they find it increasingly difficult to get onto the property ladder.