Families draining grandparents for debt payments

Half of all grandparents have helped with the costs of bringing up grandchildren, with a fifth of these costs attributed to debt repayment.

Karl Elliott, a spokesman for the mutual assurance firm, said: “With money issues becoming an increasing concern in modern Britain, this research shows the important role families play in providing financial security.

“Despite concern that old age pensioners are unable to afford retirement, grandparents continue to make a valued contribution to extended family finances.”

The news is the latest in a series of warnings that pensioners face poverty unless they have a debt management plan.

According to the engage survey, 18 per cent of pensioners work, with much of these earnings going to families.

However, this prudence is not necessarily inherited as a fifth of parents have no idea how they will cope with the debt management of their child’s higher education.