More than half of British grandparents are being forced to help their families with debt management in the wake of the credit crunch, it has been revealed.
A study from Engage Mutual has found that 57 per cent of grandparents are financially supporting their children and grandchildren through the economic slowdown.
It also discovered that 35 per cent have contributed towards debt repayments such as mortgages as more families across the country face the prospect of repossession.
“Family members turn to each other for financial support in tough economic times, leading to increasing financial interdependencies,” remarked spokesman Karl Elliott.
He advised that people should try to save “little and often” if they want to survive the credit crunch.
Meanwhile, Brits are cutting spending on essential financial services that could potentially save them from higher debt, according to American Express.
A study from the firm showed that 24 per cent of respondents were planning to go on holiday without vital travel insurance.
By Jamie Price