Don’t drain your pension to support adult children

Question: As parents, are we facing uncertain retirement and a lower standard of living as we use our savings and pensions to help our children get on the employment journey?

The financial impact of supporting your children as they enter the workforce can vary greatly, depending on your circumstances and choices. It is important to remember that while supporting your children is admirable, do not sacrifice your financial well-being to the extent of jeopardising your retirement and lowering your standard of living in later years. You need to balance and plan your finances to navigate this challenge well. Below are some key considerations.