Bank of GRANDPARENTS: Six out of 10 have helped support their family
FORGET the bank of mum and dad, six in 10 grandparents have supported a member of their family in the past five years.
Six in 10 grandparents have supported a member of their family in the past five years
Grandparents in the north-east are the most generous, with 66 per cent giving away money to children and grandchildren, the highest number in the UK.
However, many older folk are making sacrifices to help loved ones - 59 per cent have cut down on socialising, 24 per cent have cancelled holidays and 18 per cent have reduced their own food bills.
Four in 10 grandparents give up more than five hours a week for free to help family members with activities such as child minding.
Nationwide, grandparents have given family members on average £571 a year, but one in seven have handed over a lump sum of more than £10,000.
Research among 1,000 people aged over 55 by property firm Homewise found grandparents in the north-west were second most generous, while those in the south-west and Scotland were least likely to help every month.
Grandparents in the north-east are the most generous
Mark Neal, of 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."
Nationwide, grandparents have given family members on average £571 a year
BANK OF GRANDPARENTS BY REGION:
North East 66 per cent
North West 63 per cent
West Midlands 58 per cent
London 55 per cent
Northern Ireland 55 per cent
East Midlands 53 per cent
East 52 per cent
Yorkshire 52 per cent
Wales 51 per cent
South East 48 per cent
Scotland 46 per cent
South West 39 per cent