Economics
Britons Are Dipping Into Pensions to Help Children Buy Houses
- Parents accept lower living standards to make offpring owners
- In over 50,000 cases, money for homes backed by pensions
Brick chimney stacks stand on the tiled rooftops of houses on a residential street in London, U.K.
Photographer: Simon Dawson/Bloomberg
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Britain’s baby boomers are sacrificing their retirements to hoist their poorer offspring onto the property ladder.
Nearly one in five over 55-year-olds are accepting lower living standards to help family members to buy a home, according to a Legal & General report on Tuesday.