In research carried out by Birmingham Midshires, parents claim that they are saving about 75 pounds every month as their mothers and fathers help them to meet the costs of various gifts, meals, toys and entertainment for their offspring. And with this figure accounting for some 900 pounds over the course of a year, consumers could well find that such monetary assistance leaves them in a more capable position to meet other demands on their spending, with possible areas including mortgages, home loans and utility bills.
However, grandparents themselves state that they can afford to provide financial aid for their grandchildren of some 65 pounds per month - a figure just short of the weekly individual basic state pension (69 pounds 80p). The study also showed that it is males who are likely to give more money towards their grandchildren, as grandfathers spend some 69 pounds per month, while grandmothers' expenditure accounts for 45 pounds. Those over 70 are also most generous, as financial contributions from the age demographic stands at 92 pounds. Meanwhile, people between the ages of 50 and 55 provide 84 pounds per month while 61 to 65-year-olds pay 53 pounds.
In addition, the findings indicated that those grandparents living in London are likely to spend the most money on their young relatives at 75 pounds per month, followed by people in the midlands who splurge some 73 pounds. On the other hand, expenditure consumers from the Borders region of Scotland accounts for 29 pounds per month.
Commenting on the figures, Jason Robinson, director of savings operations for Birmingham Midshires, said: "Far from being a burden on their children, grandparents are contributing significant amounts of time, money and assistance to their offspring at the same time as adjusting to huge changes in their own lifestyle and income. With grandparents spending the equivalent of around one week's state pension a month on their grandchildren, many are reaping the benefits of having long-term savings to fall back on."
However, Mr Robinson stated that it is "questionable" whether current generations of young Britons will be able to provide such financial help to their grandchildren in years to come, "given Britain's well-publicised levels of consumer debt", which may have been accrued via store cards and overdrafts.
Both parents and grandparents who would like to free up more money each month, whether is to help provide for their children and grandchildren or invest into pension funds, may way wish to consider applying for a debt consolidation loan. In taking out a low-rate loan, borrowers can unify demands on spending into a single monthly repayment. And such a loan could be helpful in paying back money owed to family members. A recent study by Skipton Building Society indicates that Britons owe a total of over 251 billion pounds in loans from their relatives, an increase of some 82 per cent from the 14 billion pounds lent from family members from the same survey carried out a decade ago.
Are you having trouble paying your bills each month? Have you acquired an uncontrollable amount of debt? If so, you should seek out debt consolidation advise from a credit counseling company. They will learn about your situation, then give you information on how to wisely use credit, establish a workable budget, keep track of bills, and manage your money. They can work out a repayment plan for you to repay your creditors at a lower interest rate than you currently have.
After you find a consolidation agency that is reputable, you should feel comfortable giving them information about your income, expenses, and debts. They will use this information to evaluate your situation and give you educated advise about what you should do to help with your debt problem. This debt advise can really make a huge difference.
The counselors may have you attend an educational class to help with your overall understanding of finances. Also, they may have you enroll in a debt management/repayment plan. They may also advise they you get counseling in other areas of your life that might be leading to your financial problems. Plenty of factors besides your income and expenses can cause problems with money and debt, and the counselors understand that. Problems in other areas can cause financial problems, and financial problems can cause problems in other areas. Fixing one of them will help fix the other, making life more enjoyable all around.
Don't rush in your decision to choose a debt consolidation advice agency. There are plenty of options, so you need to find out what they all offer and choose the one that you feel is best for you. You should look into their client satisfaction to make sure other people are happy with their services. Also, they should offer personalized, not generic, service. The counselors should be well trained, and willing to teach you what you need to know to help your finances. They should be able to give you the tools needed to reach financial security.
Sometimes the most well known debt consolidation advice companies aren't the best. If they are well known because they are large companies with huge advertising campaigns, they may be less personalized and they'll need your business less because plenty of other people know about them. They probably need so much advertising because they don't get good reviews through word of mouth. Similarly, phone calls or emails from debt consolidation companies should probably be ignored.
Smaller companies really need your business, so they will offer great consolidation plan and service hoping to really help you. They will want you to tell your friends good things about their services. Hopefully you won't need to use their services again, but if you do, they are hoping you come back to them instead of someone else.
Both Mark Dawson & Landon Mcgehee are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
Mark Dawson has sinced written about articles on various topics from Insurance, Personal Finance and Finances. Mark Dawson writes for the Loan Arrangers. Where visitors can online, and apply for the best rate. Mark Dawson's top article generates over 90500 views. to your Favourites.
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