In the current climate more people are relying on their family and friends for help at the end of the month. According to research by Saga Savings almost a third (32%) of over 50s financially support a family member while a staggering one in 14 financially supports more than one.
Research shows that of the over 50s who are supporting more than one family member 87% are supporting their grandchildren and 11% their parents. While women are traditionally more likely to help family members with everyday chores and advice, men are the most likely to provide financial support to family members (men 35% vs women 27%).
On average the over 50s give £88 each month to family members, but one in ten dig deeper and hand over more than £250. This money helps their loved ones pay for bills (24%), their rent or mortgage payments (23%) and to cover the costs of running their car (23%). A quarter (24%) of people give their children and grandchildren money each month for basic items such as clothes and shoes.
Rather than giving family members a monthly financial boost, 27% say they have given them a large sum of money for once in a lifetime purchases, such as a deposit for a house. Nearly a fifth (17%) of people surveyed have given their children or grandchildren more than £5000 to go towards these costs.
If people are strapped for cash at the end of the month then they should ask male family members for help as they shell out the most money. Each month on average men give £91 to each relative compared to women who give £82.
Londoners are the most generous as on average they give £104 a month to each relative, while people living in Yorkshire and Humber give the least - £74 a month.
Roger Ramsden, chief executive, Saga Services commented: "Grandparents truly are the generous generations. Not only are people leaning on older family members for childcare but this research shows just how much they are relying on them financially too."
Saga offers a range of telephone, internet and postal accounts with a choice of variable or fixed rates. Visit saga.co.uk/money for more information.