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Grandparents' support 'worth £900'

British couples save an average of £900 each year on the cost of bringing up their children thanks to the financial help of their own parents, it has emerged.

According to a survey by Birmingham Midshires, UK parents save an average of £75 a week thanks to the contributions of doting grandfathers and grandmothers, who splash out on meals, toys and gifts for their grandchildren.

The study also discovered that the nation's grandfathers are more generous than its grandmothers when it comes to spoiling the little ones, with the men shelling out an average of £69 on their young relatives, while female grandparents spend £45.

Jason Robinson, director of savings at Birmingham Midshires, commented: "Grandparents are contributing significant amounts of time, money and assistance to their offspring, at the same time as adjusting to huge changes in their own lifestyle and income.

"Given Britain's well-publicised levels of consumer debt it is questionable whether, without savings, the current generation of grandchildren will be able to do the same in 40 or 50 year's time for their children's children."

Worries about debt make 16 per cent of Brits unwilling to discuss their finances with anyone, a survey by Fool.co.uk discovered recently. Personal loans can provide a useful way of consolidating debts.

See how much you could borrow with a debt consolidation loan from Lombard Direct.

© Adfero Ltd

21/11/2007 11:52:28

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