Vital support - Across the generations

NO generation is an island; like bricks in a wall, one supports the other. Each is interdependent.

NO generation is an island; like bricks in a wall, one supports the other. Each is interdependent.

The extent of the support offered by one generation to another may fluctuate over the decades, but a new study, which shows that half of middle-aged people in Ireland are providing financial support to their parents, seems an eye-opener. The balancing statistic, that only 3% of over-54s get financial support from their children, is easier to understand. The younger generation in that equation has, after all, more than enough financial challenges of its own.

Research from the Irish Longitudinal Study on Ageing looks at many of the ways in which one generation helps another, but it, more than anything, underlines the need for a fair and reliable pensions scheme for all workers.

This issue has been raised in many startling ways over recent years. As those whose pensions evaporated in the economic collapse a decade ago approach retirement age, and face a life on a fraction of the income they anticipated, that dependency will increase such that it may be unsustainable.



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