Retired...but still financing the kids

NEARLY a third of people retiring this year are still offering family members financial support, according to a survey.

Some 31 per cent dole out cash, typically supporting three people.

The handouts tot up to £4,320 a year on average, financial services company Prudential found.

Children are the most common recipients but grandchildren and older generations are also supported, according to the poll of 1,000 Britons.

Some 27 per cent of those who give monthly say they help with general living costs, 23 per cent with university, and 22 per cent with house deposits.

Stan Russell, of Prudential, said there was ‘increasing financial pressure’ on all generations but warned the newly retired not to neglect their own living costs.