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Pensioners supporting families

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One in three over 55 year olds (36%) use their pensions to support their children and grandchildren, research from Birmingham Midshires has shown.

The research also showed that a further 12% of over 55 year olds dip into their savings and investments in order to contribute to the family household income. On average, 12% of the monthly outgoings of parents and grandparents aged over 55 is used to help care for older children and grandchildren, equating to £123 per month.

Over 55 year olds in the Midlands contribute the highest proportion of their income to their families, with 16% of their monthly expenditure going towards living costs for their family. Those in the South West set aside 6% of their outgoings to help their children and grandchildren.

Pensioners in the North East are the most self-sacrificing, with 1 in 5 willing to take on a part time job in order to help with the family expenses, compared to a national average of 1%.

Jason Robinson, director of savings operations at Birmingham Midshires, said: “These findings suggest that the over 55year olds are actually using their pensions and savings to provide a financial lifeline to younger family members – at the same time as adjusting to enormous change in their own income and lifestyle.”

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