CHESTER, England May 23, 2012
- 1.7 million grandparents and parents pushed into the red due to financial reliance from children and grand children
- Over half of grandparents of children over 18 who provide financial assistance have found their financial goals in jeopardy
- £3,513 average amount of non-mortgage debt held by grandparents and parents
The UK’s number one comparison site found 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 source of financial assistance. The research found the main areas this financial assistance from parents and grandparents is used for is towards general cost of living (58 per cent and 41 per cent), funding education (34 per cent and 23 per cent) and helping with their debts (25 per cent and 14 per cent).
As a result of providing financial support, over 46 per cent of parents and grandparents of children over 18 who provide financial support 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. The research also found their financial goals have been impacted with 33 per cent saying they’ve not been able to save as much as they wanted and 18 per cent still have outstanding debt which they cannot pay off.
Parents and grandparents will need to consider how they will repay their debt, with their total amount of non-mortgage debt currently held at an average of £3,513.
Kevin Mountford MoneySupermarket.com said:
"The research also demonstrates how many families are struggling with even just the basic general cost of living and coupled with a lack of pay increases means many are unable to clear their debts. But there are ways people can make some cut backs and help to break the cycle of relying on financial support from family members. People should ensure they’re not paying over the odds for major expenses like car and home insurance, energy and other household bills. Taking control of your financial situation through switching to the best deals using a price comparison website like MoneySupermarket.com could help with significant savings."
Notes to editors:
*Opinium Research carried out an online survey of 2,016 UK adults aged 18+ from 4 th to 8 th May 2012
1,735,035 this debt includes credit cards, overdraft, pay day loans and borrowing from friends and family.
MoneySupermarket.com’s customer commitment
- No other site compares more prices or products
- We are independent so only find the best deals for you
- The price you see is the price you pay – you don’t need to go direct and you won’t get a better deal doing so
- Your details are safe with us and we won’t sell them to anybody
th March 2012
- 98 car insurance providers and 81home insurance providers
- 11 broadband providers and 18 energy providers
- 31 unsecured loan and 5 secured loan providers
- 62 mortgage lenders and 28 credit card providers
- 67 savings providers and 37 current account providers.
- Over 1,750,000 mobile phone deals
We promise to be clear and impartial
- All the products in our full search results tables are displayed in a completely unbiased manner.
- We don’t add fees or commissions on to the prices we compare.
- There may be times when another site compares more companies than us on a particular product, perhaps because of market changes or technical issues. You’ll be able to see this and know we are working hard to fix it.
We promise to be trustworthy
- We never use your data to make unwanted sales calls or send you spam.
- We never pass your personal information to third parties unless you give us permission to do so.
- Even if you choose to receive additional information from us, you can opt out at any time.
- We promise to be supportive.
- You can use our community forum to get information and help from other customers.
If you need further help or support, you can contact our sales advisors or customer services agents.
For further information please contact: