‘Bank of mum and dad’ staying open longer as parents sacrifice retirement plans to support children (opens original article in a new tab)

UK parents are extending financial support to their children into their mid-twenties, impacting their own retirement plans and requiring lifestyle adjustments.

• Parents in the UK expect to support children financially until their mid-twenties, with 7% planning to move to larger homes for this purpose.
• 64% of parents are making lifestyle changes, including cutting spending and reducing holidays, to support their children.
• 14% of parents plan to delay retirement and 11% consider taking additional jobs to maintain financial support.