Abacus Daily Debt News

People ’saving for family despite debt’

Britain’s elderly are still storing money to support their families despite the recession, new research has revealed.

Saga conducted a survey of 19,000 over-50s, which found that 13 per cent in this age bracket currently put aside money for their grandchildren.

Chief executive of the financial services organisation Andrew Goodsell said it was comforting that people continued to support younger family members in difficult economic conditions.

He remarked: "Despite the current climate our research proves that we are still a financially generous nation when saving for those we love."

The figures showed that 56 per cent of grandparents were saving money to fund university or career development prospects for their grandchildren.

Furthermore, 70 per cent of those older than 50 provided additional financial support to their families over the last five years on top of money saved for them.

This follows a recent study by Aviva that revealed 11 per cent of adults in the UK are willing to give up their life savings to fund the retirement of an elderly relative.

By Francis Finch