Bank of Gran and Grandad is funding TWO generations, poll finds

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Bank of Gran and Grandad is funding TWO generations as poll suggests a fifth are giving financial support to their grandchildren

  • 16 per cent of over-65s are giving money as a consequence of cost of living crisis
  • 30 per cent say they spent money on weekly food shop for their adult children
  • With the triple lock staying, some pensioners may be feeling more generous

By Daily Mail Reporter

Published: | Updated:

One in five grandparents are financially supporting two generations of their family, research has revealed.

According to a poll of 2,000 Britons, 16 per cent of over-65s are handing out money from the Bank of Gran and Grandad as a consequence of the cost of living crisis.

The survey found 20 per cent of 18 to 40-year-olds had asked their grandparents to cover one-off costs, with buying shoes and clothes the top request (38 per cent), followed by helping to pay for family holidays (34 per cent).

And some 30 per cent of grandparents say they’ve spent money on the weekly food shop for their adult children.

According to a poll of 2,000 Britons, 16 per cent of over-65s are handing out money from the Bank of Gran and Grandad as a consequence of the cost of living crisis

Chris Rudden, of investment company Moneyfarm, which commissioned the survey, said grandparents ‘truly are the backbone’ of the family and advised them to do a ‘financial MoT’ before offering any help.

He added: ‘The generations below are leaning heavily on them at the moment because the “bank of mum and dad” has gone bust – a consequence of the cost-of-living crisis.

‘It is wonderful if the older generation are willing, and in a good position to help out, but before any offer of help is made they do need to do a financial MOT to ensure they can comfortably afford to do so.

‘Intergenerational financial gifting has been made possible for a number of reasons.

‘Grandparents, especially if they have bought their homes a few decades ago have benefited massively from house price increases.

‘The Autumn budget has also confirmed that the triple lock is here to stay, so pensioners may be feeling more generous knowing that their pensions will keep in line with inflation.’