In addition, almost 40 per cent expect the state to pay for typical expenses associated with old age, such as temporary or permanent care and housing, in addition to paying out for pensions.

Estimates from the government’s actuary department earlier this year indicated that there will be over 15 million people in the UK aged over 65 by 2075, the financial implications of which point to individual financial assistance from retirees’ families, not the state.

“It’s a concern that many people aren’t aware of the costs of supporting their parents in old age,” said Karl Elliot, 3GB spokesperson for engage Mutual Assurance, “let alone what they can do to help make provisions for them, given the financial sacrifices these parents have made for their children.”

Another worrying statistic revealed by engage Mutual Insurance is that more than eight out of ten (83 per cent) people cannot afford to support their parents using what they current have in savings, meaning older people’s pensions will have to be stretched even tighter.

To read more about pensions, click here.

© Adfero Ltd