Sixty per cent of over 50s are concerned their pensions and savings will not last them through retirement, creating a new generation of 'baby gloomers' financing both themselves and their children, says Aviva.

The Aviva Cost of Family Care study found that 71 per cent of adults in the UK are worried about their parents' financial security in retirement and the effect it would have upon their own finances in the future and six out of ten were worried their parents would have to move from their current homes, with a quarter of those expecting their parents to move in with them at some point. Whilst many adults have various concerns about their parents' wellbeing, two thirds are aware that their own financial involvement would be restricted due to their own monetary standing.

Almost half are delaying their own financial plans because of the current economic climate.

"Future finances are one of the most crucial areas families need to discuss and a key area where people should seek independent financial advice. Almost half (45 per cent) of adults told us they have no idea how their parents plan to fund their retirement, but six in ten (62 per cent) admitted they feel uncomfortable asking their parents questions about finances," said Paul Goodwin, head of pension propositions for UK Life at Aviva.

The Department of Health's Green Paper, to be published this month, is a great opportunity to improve care, making it clearer for families' entitlements and where they should find advice and support, Aviva said.

The study also showed that 41 per cent are worried they will have to work longer than anticipated to support parents, and a quarter fear they will not be able to finance children through university.

- Pensions Age June 2009

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