How older people are financially supporting their children

Ryan Bembridge

May 10, 2019

Over half (51%) of people between 50 and 89 are financially supporting their children, research from life insurer SunLife has found.

Men over 55 are more likely to support family financially than women, with 57% saying they help either their children, grandchildren or parents or a combination of the three, compared to 47% of women.

Over 55s are also more likely to give financial support if they live in Wales, where 60% help family members compared to 53% in England, 42% in Scotland and 46% in Northern Ireland.

Simon Stanney, equity release director at SunLife, said: “Our research shows that one in four people in their 50s are not as financially comfortable as they thought they’d be at this stage in their lives – of those, one in five say that is because they have ended up supporting others financially.

“Many need a cash injection, but don’t want to move and for these people, unlocking some of the value in their homes via equity release could offer the solution.”

Sign up to our daily email