Retire-easies helping out their young

Baby boomers consider themselves to be in a uniquely fortunate position when it comes to saving for their futures, new research shows.

A survey for Scottish Widows has revealed that over-50s, dubbed the retire-easies, are aware that it has been easier for them to build up a pension than it was for their parents and than it will be for their children.

Comfortably sandwiched between generations who have found it difficult to save, 58 per cent the retire-easies think it will be harder for their children and more than half think it was harder for their parents.

The younger generations agree, with half of respondents in their 20s and 30s envying their parents position.

But the over-50s are being generous with their money and helping their children out.

Adult children in need can count on their parents as 39 per cent said they had dipped into their own savings to help their children with substantial amounts.

Nearly a quarter of parents helping their children forked out to stave off debt.

Meanwhile, a government survey has shown that young people are confused by money and finances, with a quarter incorrectly believing store cards to offer more competitive rates than credit cards.