Adults 'supported by grandparents'
Published on 23 May 2012 12:30 PM
One in four grandparents with grown up grandchildren are giving them a hand with their finances, according to new research.
In a study produced by comparison website MoneySupermarket.com, figures also showed that a third of parents still have kids aged over 18 who are dependent on them for help with money.
As the double dip recession continues to bite, people borrowing from their parents and grandparents blamed high living costs, unemployment, debt repayment and bills for education for being forced to take out so-called 'greyday loans' with their older relatives.
However, while the loans may be a vital way to keep the bailiffs from the door for the next generation of workers, young people may not be aware of the effects their actions are having on their lenders.
The survey, which questioned more than 2,000 people, showed that nearly half of parents and grandparents have seen their savings depleted by their young relative's money struggles, and that one in five now have debts they are unable to pay back.
Copyright Press Association 2012