Older people cutting back to fund grandkids, survey says

Many grandparents in the UK are denying themselves creature comforts in order to help pay the way of their children’s children.

According to a study conducted by BeGrand.net, 14 million such couples are spending approximately £750 a year to keep their grandkids afloat, an action that nearly 25 per cent of them claims is a financial burden, suggesting they are risking debt to do so.

It was seen that the majority are using their retirement funds to treat young ones to clothes and toys, while others are helping to pay for essentials including school uniforms and shoes, the Daily Mail reports.

In order to do this, 17 per cent have had to stop eating out, while eight per cent are no longer buying new clothes for themselves.

This comes after recent research from the Children’s Mutual indicated that 28 per cent of parents have either had to re-mortgage their homes or have plans to do so in order to support children aged between 18 and 30.

By Sarah Adie