Over 33% of parents in the UK will be turning to their children to help them out of debt and into a retirement home in their old age.

A quarter of British parents interviewed were convinced that their financially better off sons and daughters would support them in their golden years.

Research shows that nearly half the nation cannot save for their retirement as all of their income goes into living costs and debt.

This could mean that when people do retire, they will have to live on a very tight budget and will find it difficult coping on a solitary state pension.

If offspring decide to help, they will have to consider how much they are prepared to commit to helping their parents who, in many cases, will be relying on them. Many sons or daughters would be strongly advised to talk with their parents to find out exactly what they expect their offspring to provide for them in their retirement.

How you can plan a debt free retirement now

One way to help parents plan for retirement would be to advise them to seek the help of a debt management company. These companies will help mum and dad to reduce their outgoings so as they can put a little aside for a pension fund such as an ISA.

Another option would be for parents to apply for a debt consolidation loan which could help reduce the amount of interest being incurred by those who have acquired a multitude of debt.