CCR Magazine

CCRi banner ad
You are here  :Home arrow News arrow Bank of Grandma and Grandad: More than half of grandparents are giving money to families
Contact Us Newsletter Signup RSS Feeds

Latest News Headlines


Commercial Credit News


Bank of Grandma and Grandad: More than half of grandparents are giving money to families PDF Print E-mail
Monday, 18 July 2016
More than half (52%) of grandparents in the UK are giving money to families, costing them on average £571 a year. This is according to new research1 by Homewise, the over-60s property experts, which also revealed that 54% of over 55s have given a one-off lump sum to a family member over the past five years. One in seven (14%) of those that have given a lump sum to a family member, have given more than £10,000.

Grandparents in the North East are the most generous - two in three (66%) have given away money to children and grandchildren – the highest number in the UK. 63% of grandparents in the North West have given money while in the West Midlands the figure was 58%.

The generosity costs however - more than a third (35%) of grandparents have had to make sacrifices in order to fund families. Nearly six out of 10 (59%) have cut down on socialising while a quarter (24%) of grandparents do not go on holidays and a fifth (20%) go on less holidays.

Their homes are feeling the strain - 18% have postponed or cancelled refurbishment work on their home while the same percentage have had to cut food bills in order to help children and / or grandchildren.

Homewise’s research also revealed that grandparents are not just sacrificing money but also their own time in order to help out family members. Indeed more than two in five (42%) grandparents are sacrificing more than five hours a week for free to help family members with activities such as child minding.

Its study has highlighted the often selfless sacrifices made by so many grandparents in the UK. Through its Home for Life Plan, which enables over-60s to buy homes at discounts of up to 59%, Homewise is aiming to revolutionise the way people approach retirement, avoiding being stuck in unsuitable housing with unmanageable repayments and instead allow them to retire happy.

Mark Neal, Managing Director at Homewise, said: “Our research reveals the extent to which grandparents in the UK are being relied upon for money and time by children and grandchildren.

“Helping family is important to many but it is worrying if they are suffering as a result. Far too many people in retirement are stuck in unsuitable housing and having to scrimp and save.

“We believe that the Home for Life plan can help by enabling over-60s to move to a new home under a lifetime lease and release money to not only clear any debts but also allow those in retirement to live happily.”
3 October - Guoman Tower Hotel, Central London 

CCRInteractive, in association with Marston Holdings , is the largest and leading one-day conference from the publishers of CCRMagazine – a truly national and international event for the credit industry.

This landmark event allows delegates to: Learn best practice of how to increase profitable sales in today’s economy. Understand the key compliance issues and how they will impact upon you. Discuss the legislative and regulatory framework and how it will effect you. Consider the potential effects of Brexit on your business. Discover the latest innovations in the market to improve your collections. Motivate your staff to achieve ever improved results.

To book to attend in 2017, contact Stephen Kiely  or Alison Lucas. To find out more about being part of this landmark event, please contact Gary Lucas

 Forums International Ltd

Forums International Ltd

 Attendance at your first meeting is free of charge, and please quote reference 'CCR2016' to receive the special 10% discount off of your first annual subscription.

Find out more here.

latest issue

CCR Cover

The latest edition of CCR Magazine, the leading editorial publication in the UK credit industry, is out.

Read the latest issue online

The Credit Excellence Awards


Tuesday 3 October - Guoman Tower Hotel, Central London

Do not miss your chance to meet and network with the Winners and Finalists at the Credit Excellence Awards, in association with Hoist Finance.

To book your place to attend, please contact Alison Lucas.


CCR is the premier magazine for consumer and credit professionals. It provides an independent voice to the industry, breaking major news stories and running in-depth features.

As a magazine, it works with and campaigns on behalf of the credit industry to promote its importance as a centre of potential profit and business development to the wider business world.

Subscribe to CCR Magazine

CCR World Magazine


Providing information and analysis for thousands of senior credit professionals worldwide, every quarter.

Find out more

GTS Media Ltd
81 Cambridge Road

Registered in England No: 05483197