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Saving for retirement concerns parents
21 August 2008
Parents are worried that their savings will be hit by sending their children to university and planning for retirement, claims Addidi Wealth.
With more and more children expected to go to university coupled with predictions of longer life expectancy, parents are concerned that they will not have enough savings to see them through retirement.
Anna Sofat, director of Addidi Wealth, said: "The cost of higher education has risen sharply with university tuition fees and a loan system as opposed to grants. This means that many more parents have to fund further education."
According to Ms Sofat, parents need to compare savings accounts in order to find the best method to save for the future.
"I am finding that more and more parents are now planning ahead and beginning to save from the time their children are born," she added.
Research by Skandia revealed that 34 per cent of parents expect to provide a home for their children throughout their adulthood.
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