Rise of the Bank of Gran and Grandad: Adults finding it hard to stop turning to grandparents for financial help
By Becky Barrow
As children, many of us could rely on granny or grandad to slip us a few extra sweets or a bit of extra pocket money. But adults are finding it increasingly hard to grow out of the habit of turning to grandparents for financial help, research shows.
The number of families who are begging for money from the ‘Bank of Granny and Grandad’ has risen sharply.Many grandparents give their grandchildren money, but adults are finding it hard to stop relying on their elderly relatives for financial help
Millions have had their finances crippled by the recession and the combination of pay freezes, pay cuts or redundancy and the rising cost of living. Retirees are using their homes as cash machines, taking money out of the value of their property to help their grown-up children or grandchildren – a process known as equity release.
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