Bank of mum and dad pays out more to help others

More than half ofpeople over 55 in the UK are financially supporting children, grandchildren or ageing parents, a report has revealed.

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

Scots have the lowest level of over-55s helping out family members, with just 42 per cent.

Of those in their 50s who say they are worse off than they thought they would be, most blame th er ising cost of living and poor savings rates.

But more than 20 per cent say they are financially supporting children more than they had planned to, while one in seven has to financially support someone who is ill.