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RETIREMENT

PARENTS NEVER STOP HELPING THEIR CHILDREN

ISN'T LIFE GRAND: Hands full caring for yet another generation

Wednesday July 30,2008

By Geoff Maynard

NEARLY one in 10 parents have grown-up children living with them.

Not only are Britain’s baby-boomer generation looking after their kids well into adulthood, but they are also caring for grandchildren.

One in four give regular financial help to their grown-up children and seven per cent have adult offspring living with them who don’t contribute financially.

A Mintel survey found that one in three Brits – 21million – are now aged 50 or over, the “baby boomer” generation born in the aftermath of the Second World War.

Not only are they choosing to help out their children financially, they are also called upon for practical tasks. About 11 per cent of the over-50s said they helped out their grown-up kids with cleaning and DIY.

This rose to 17 per cent among the 55 to 64-year-olds.

Researchers also found that the over-50s are spending more time looking after grandkids, with 23 per cent happy to be a babysitter and allow their children to have a night out or go to work.

James McCoy, consumer research manager at Mintel, said: “Children are hanging around for longer in their parent’s home, so that many mums and dads are providing financial support for longer than they may have hoped. For some this can mean that they are forced to delay plans in other vital areas of retirement planning, for instance selling their home to release equity.

“And with it now becoming increasingly difficult for young adults to get on the property ladder, the trend towards kids staying at home longer is likely to continue.”

He added: “Living at home with mum and dad for a few extra years may be the only way that many can even begin to save for the deposit on a first home.

“Over the past two decades, women are increasingly going back to work after having a baby.

“This, combined with the high cost of child care, means more and more families are having to look to the grandparents for support.

“Luckily most grandparents relish the opportunity to spend time with their grandkids.”

The survey of 924 adults, aged 50 and above, found that 89 per cent do things that help them to maintain their mental condition, while 78 per cent make an effort to stay fit.

Mr McCoy said: “For many older people, their biggest fear isn’t physical deterioration but mental degeneration, so there is widespread enthusiasm for doing things that help to maintain mental condition.

“Brain training and maintaining cognitive fitness is an opportunity for the fitness industry that hasn’t yet really been exploited.”