25th Sep '08 - Family Is Expensive Business
Posted on Thursday, September 25th, 2008 at 4:59pm
Grandparents may want to consider getting a loan, as recent research reveals that 57 per cent of them have had to support two generations of their family over the past six months.
The current economic climate has resulted in 35 per cent of grandmas and granddads helping family out with debt, the 3GB survey by Engage Mutual Assurance found.
"As our research reveals, family members turn to each other for financial support in tough economic times, leading to increasing financial interdependencies," says 3GB spokesman for Engage Mutual Assurance Karl Elliot.
People should plan ahead and gradually save to reduce the pressure of paying living costs, he adds, but secured loans could be one way to deal with rising prices.
While 28 per cent of those surveyed helped with paying for childcare, 33 per cent said they contributed towards the home costs of family members.
Those in the north-east are more likely to rely on their grandparents' money, with 74 per cent asking for help, compared to 36 per cent in the south-west.
Secured loans could help grandparents support their family during the credit crunch and could be backed by a property which provides security to the lender.
The current economic climate has resulted in 35 per cent of grandmas and granddads helping family out with debt, the 3GB survey by Engage Mutual Assurance found.
"As our research reveals, family members turn to each other for financial support in tough economic times, leading to increasing financial interdependencies," says 3GB spokesman for Engage Mutual Assurance Karl Elliot.
People should plan ahead and gradually save to reduce the pressure of paying living costs, he adds, but secured loans could be one way to deal with rising prices.
While 28 per cent of those surveyed helped with paying for childcare, 33 per cent said they contributed towards the home costs of family members.
Those in the north-east are more likely to rely on their grandparents' money, with 74 per cent asking for help, compared to 36 per cent in the south-west.
Secured loans could help grandparents support their family during the credit crunch and could be backed by a property which provides security to the lender.
Bookmark with:
RSS Feed