Selfish youngsters putting their grandparents in debt?

23 May 2012

grandparentRemember when grandparents were white-haired old crinklies who patted your head as you shared a sickly butter-coloured sweet? Remember when parents were the people you tried to get away from, to make your own way in the world?

Unfortunately, it seems parents and grandparents these days can’t get rid of their money-sucking adult leeches and new research suggests that up to 1.7 million grandparents and parents could be forced into borrowing money in order to help out their cash-strapped progeny.

The research, by Moneysupermarket.com,  found that almost a quarter of grandparents of children over 18 (24 per cent) are helping to support their grandchildren and as a result are being forced to use their savings, credit cards, overdrafts, and pay day loans to tide them over. A further 32 per cent of parents with children over eighteen are still being relied on as a convenient source of funding.

But it’s not like the money comes easy. In order to fund the lifestyles of their children and grandchildren, over 46 per cent of respondents had to use their savings; 14 per cent turned to their credit card to tide them over and 14 per cent have been pushed into using their overdraft. 18 per cent say they still have outstanding debt which they cannot pay off, with the average amount of non-mortgage debt currently £3,513.

But what is the money being used for? Worryingly, the research found the main areas that need funding by parents and grandparents is the wishy washy “general cost of living” (58 per cent and 41 per cent), with the next most popular hand-out requests for funding education (34 per cent and 23 per cent) and helping with their debts (25 per cent and 14 per cent). Without wishing to sound like an old fogey myself, what ever happened to that old chestnut of ‘living within your means’ or ‘cutting your cloth’. While unexpected life events like redudancies may be one thing, do you really need that new flatscreen TV  more than your pensioner Gran needs her pension?

Kevin Mountford, head of banking at MoneySupermarket.com said, "parents and grandparents have always traditionally provided financial support towards their children's' life goals such as buying their first home or helping with a car purchase, but with the nations' wallets pushed to the limits, it is clear this support has grown significantly. Many parents and grandparents who provide monetary help are finding their own financial situation being pushed to the limit with many taking on additional debt or stopping saving to help their nearest and dearest. Taking out additional borrowing to support family members is an honourable thing to do but people need to consider how they will repay the debt and how this will impact their lifestyle, especially if they are in, or approaching retirement.”

So what do you think? Would you put yourself in the red to help out the younger generations or are they just selfish and afraid of hard work? I know where I’m putting my money…

TOPICS:   Home

12 comments

  • Mike H.
    How do these dicks get in debt? I have a mortgage and a 3yr 0% finance loan which I could have paid in full but left in the bank. So what the fuck are they all buying? There was a bird in the news recently who killed her own grandmother to get at her money for a fucking holiday?! That bitch deserves to die of cancer, run over by a bus, boiled in acid, play hide'n'seek with a rabid sexually depraved gorilla with aids and made to listen to 'The Gibbs' later work. And that's the morning session.
  • foxes
    they should bloody well be supporting their offspring with their lavish pensions, retiring early and having had funded education, strikes and benefits all their lives. What have us younger people got to look forward to? If you can get a job, paying back the country's debts (run up by said oldies), paying back student loans, working until we're 70 with no prospect of a cushy pension.
  • Darren
    oh come on foxes. Go out and get a good job, I have never had anything handed to me in life, I have worked since I was 14 (Saturday jobs at first) and paid my self through Uni. I now am under 30, in the upper tax band, currently buying my First home and I am married. I do not think parents should carry their kids, If you teach your kid well they will expect to stand on their own two feet and not expect to live at home until they are 30 like foxes above. I have not had an easy ride, I have worked my arse off for where I am today and I will expect my kids to do the same! They will be more privileged than I was, as I grew up on a council estate, but I will still not give them hand outs! too many people expect a free ride!
  • foxes
    agreed Darren but it's the oldies getting the free ride not the younger ones. No matter how hard we work in life we'll never pay back what they have built up in national debts while they travel round on free bus passes etc
  • Darren
    Again foxes, totally agree, but only because our country loves giving away free money. I have a pension, which I hope is a good one, so I am looking out for my self.
  • Boris
    Nice to see a picture of my uncle Brian. He's a bit eccentric so doesn't get about much.
  • Rise H.
    [...] Bitterwallet [...]
  • lfc
    free bus passes oh what a bludy shame, how insulting I wish I was was of these so called rich retired pesioner as you seem to think everyone is. and ive worked all my life too and brought three children up without Government support we as a family managed on what ever money we had its called. Living By Your Means. Which the younger generation cannot do because they or you never stop wanting new mobiles oh its old now had it three months, new i phones oh its wrong colour ill buy a new one, oh that shirt/ dress hasnt a designer label on. oh I need at least £60 to go out for the night to piss up the wall. and students get reductions on lots of things as my Grandaughter tells me so wheres the harm in the free bus pass for the older generation. And blame the government for giving our money away theyve been doing it for centuries and you wanna start Living for 2 day 4 get thirty yrs on. live and be happy that doesnt cost anything and be thankfull for what youve got good health maybe. Not what you havent got mr fox
  • lfc
    I did not mean anything that I just wrote. Oh and just to add that us old people cost the NHS billions also, as we are all broken and falling apart. Perhaps if there was a planet like in the film Cocoon, we could all go there and let you young-ins enjoy life instead of us oldies raping the country of all it's cash. And don't even mention the war. That is all. Move along now.
  • Mike H.
    Free fucking bus pass? You get plenty more than that grandad, prescriptions, healthcare, home care, winter fuel allowance, cold weather payments, insulation, pension, 3rd off rail travel, discounts, concessions, free passports, free TV license, council tax benefits. The list goes on and on. Shit, you make more than the fucking kids do, and you dare to complain your kids a raping you for all you're worth? Fuck off.
  • Sgt U.
    Whoa! I like the Gibbs latest work...
  • jt
    You get all that free shit and you still can't afford to pay for the commas, apostrophes and capital letters in your comments.

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