Aging Brits ’emptying their pockets’

Aging Britons are increasingly emptying their pockets in order to help out their children and grandchildren financially, it has been suggested.

More and more grandparents in the UK are using their own funds to provide assistance to their often-indebted offspring, reports the savings scheme KidStart.

Thousands of British grandparents have debt management issues of their own but six per cent are helping younger generations of their family to raise enough cash for a housing deposit.

Furthermore, almost one in three aging Britons are using their money to make sure their grandchildren have the toys and clothes that they want.

Among the most common reasons for grandparents to dig into their pockets and help out the younger members of their family is to assist them in buying a new car, KidStart reports.

Figures from Credit Action have shown that British consumers of all ages pay out close to £257 million in interest on their collective debt management burden every day.