Wednesday 20th of October 2010
Individual voluntary arrangement (IVA) questions might be useful for cash-strapped Brits who are worried about relying on their parents to provide them with money in their times of need.
According to new figures from Aviva, 18 per cent of UK mothers and fathers who are set to retire in the near future believe their adult children will need financial help from them at some point in their lives.
Furthermore, the research shows 30 per cent of grown-up kids expect to rely on their parents' cash as they struggle for money during adulthood.
Of those mums and dads who think they will be needed to help boost their offspring's coffers, 62 per cent anticipate having to provide funds to go towards a new home, while 47 per cent think they will stump up cash for the bringing up of their grandchildren.
Despite this, however, 39 per cent of adult children are worried about how their parents will cope in retirement, with 16 per cent stating roles could be reversed - leaving their mothers and fathers in need of money from their kids.
Questions on IVAs may, however, offer some breathing space to struggling Brits who want to sort out their money troubles without bothering their parents.
The method of insolvency could have you in the red after around five years of meeting reduced-rate monthly repayments, as long as you owe more than £15,000 on unsecured financial products.
Commenting on the findings of the research, Clive Bolton, at retirement director for Aviva, says: "The financial landscape and the pressures on the modern family have massively changed over the last decade, as has the profile of a 'typical' retiree.
"Rather than inheriting from their parents, our research suggests many adult children now expect financial help from their parents at a time of life when they may struggle to give it."
By Chris King
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