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Would-be retirees facing family pressure
Almost half of those facing retirement are being approached by relatives for financial support, it has been claimed.
A study by LV=, formerly Liverpool Victoria, found that 47 per cent of prospective retirees have been pressured for financial help by a family member in the past 12 months.
Moreover, 26 per cent of the people who have been approached by a family member say this is unusual, which suggests the credit crisis is having a broad impact.
"Our advice to anyone approaching retirement is to seek professional financial advice to ensure you make the most of your finances when you retire," said LV= chief executive Mike Rogers.
"And young people shouldn't ignore their own retirement needs, despite it being decades away. Saving just a little and often - as much as you can afford - is a step in the right direction."
Retirees worried about being short of cash could advise struggling family members to take out a debt consolidation loan.