The third annual HSBC report The Future of Retirement: The New Old Age surveyed 21,000 people aged 40 to 79 within 21 countries and territories worldwide. It found that people in their sixties and seventies make a significant contribution to the economy, as well as their families and communities.
Financial support for grandchildren is provided by 16 per cent of those in their sixties and nearly one-third of those in their seventies worldwide.
One US respondent said, 'Without Mom and Dad, we'd be very limited in our choices around childcare. They've supported us with special school fees for Craig who has dyslexia and when we've been a bit short financially.'
The survey also identified a new family shape resulting from falling birth rates and longer lifespans. The 'beanpole family' describes the pattern where there are four or five living generations within a family but fewer people per generation.
To view the report visit www.ageingforum.org.
