Grandparents pushed for cash
Grandparents pushed for cash
Thursday 25th September 2008
Britain's grandparents are quickly being forced to support the generations below them.Over the last six months as rising food, fuel and energy prices start to bite Brits of all ages, some 57 per cent of grandparents have provided support for their offspring.
Research by Engage Mutual reveals 35 per cent of grandparents have been asked to help with debt repayments – on average £1,800
A third have been asked to help cover the housing expenses of their progeny with rent or mortgage repayments.
Over the last year, grandparents have stumped up £908 in child care bills for their adult children.
Karl Elliott at Engage Mutual said: "With rising living costs and debt repayments taking effect, the findings show that the majority of grandparents in Great Britain have had to help their families with everyday living costs in the past six months.
"As our research reveals, family members turn to each other for financial support in tough economic times, leading to increasing financial interdependencies."
He added: "With costs of living increasing and tougher times ahead it is important that people think ahead and save little and often in order to reduce the pressure to make ends meet."
The research also showed across the country, people in the north-east are most likely to go to their grandparents will a begging bowl – with 74 per cent being helped out.
However, in the south-west grandparents can sit more comfortably when the door rings, as only 36 per cent have been tapped for cash.
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