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One in six UK adults in their 30s are financially supporting older or vulnerable relatives, often at personal cost.
One in six UK adults are financial carers, typically in their 30s, supporting older or vulnerable relatives with money management, including bills, pensions, and scam detection, often stepping in due to signs like missed payments or fraud.
The role strains carers financially, with 22% using personal funds, 17% taking time off work, and 22% reducing hours.
Only 25% understand pensions well, and 15% say this gap caused problems, though 24% are motivated to improve their own retirement planning.
L&G has expanded its guided retirement planner, initially for those 55 and older, to younger savers to provide personalized insights.
The tool aims to help users build sustainable retirement income amid complex life demands.
New regulations now allow pension providers to offer more targeted support, which L&G’s CEO says could significantly improve outcomes.
The findings come from a survey of 4,000 UK adults conducted in July and August.
Uno de cada seis adultos del Reino Unido en sus 30 años apoya financieramente a familiares mayores o vulnerables, a menudo a costa personal.