Concerns raised over younger grandparents

23/06/2009

Britain's young grandparents are facing big debts and unsustainable spending as they try to provide for both their own children and their parents, a leading charity has claimed.

Grandparents Plus said that under-55s, who had had their children and grandchildren early, were caught up in a financial nightmare due to these competing demands.

The charity pointed out that many in the group were in low-income jobs and were also expected to provide a lot of childcare for their grandchildren.

In all, 50 per cent of single parents are thought to need help from their own mother and father in order to bring up their children.

Around one in three younger grandparents polled by the organisation confirmed that they were finding it "very difficult" to cope financially at the moment.

Sam Smethers, chief executive of Grandparents Plus, said: "This report challenges the cosy image we have of the retired grandparent with time to spare. For many … it's a real struggle.

EuroDebt director Kevin Still commented: "Concerns have been raised that the so called 'sandwich generation' are caught in a potential debt trap of supporting both parents and grown up children. EuroDebt find many clients that have reached a point where their debt are unmanageable because they are supporting so many dependents.

"With youth unemployment rising and pensions falling this may compound the problems they are facing. Seeking professional help is important where so many people may be adversely affected and potentially creating a greater burden on the state."

Tags; Housing Debt and Bills, Retirement Money Problems,

Regional Debt Advice; Debt Advice Sandwich,

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