Over a third of parents have provided financial help to their children and grandchildren to bridge the financial gap caused by the cost-of-living crisis, according to of the latest ‘Family Building Society Financial Wellbeing Survey’.
In addition, 30% of those surveyed said that their children and grandchildren remain pessimistic about their future financial wellbeing over the course of the next six months, and those with mortgages expect the cost to go up when they have to remortgage.
Although over 50% feel financially secure, many still believe the cost of living will continue to be a threat, with 29% believing their children and grandchildren’s financial wellbeing being negatively affected.
The majority expect house prices to fall particularly in the Southeast and Southwest and the number losing confidence in the economy growing has grown by five percent compared to a similar survey taken in the Spring.
Alistair Nimmo, director of Marketing at Family Building Society, said: “As is often the case, those who can least afford suffer most in the time of an economic downturn and high inflation.
“It is therefore reassuring to learn that those who do find themselves in dire straits turn to their family for help and support, both financial and emotional.”
He added: “As our survey shows, families help families when the call is made. That’s not really surprising, but what is, is just how many of our respondents have felt the need to step in.
“It is a measure of just how tough it is for those battling with significant rises in mortgage costs, finding decent affordable properties to rent or buy, or just struggling to makes ends meet, turn to mum and dad and granny and grandad for an extra bit of help.”
