Over a third of grandparents make sacrifices to bankroll their families to the tune of £570 a year
- 35% surveyed said they had make sacrifices in order to fund their families
- Nearly 60% cut down on social life to provide younger relatives with cash
- 18% cut down on food bills, while others put off home refurbishments
Over a third of grandparents across the UK make sacrifices in order to be able to give money to their families, research suggests.
Nearly 60 per cut down on socialising to help fund their families, while 24 per cent don't go on holiday to ensure they have cash to spare for loved ones, the research from home purchase firm Homewise found.
Eighteen per cent have cancelled refurbishments to their home in order to provide money to younger relatives, while the same percentage have even reduced their food bill in order to help their loved ones, the findings add.
A helping hand: Over half of grandparents across the UK give money to their families, with 35 per cent saying they make sacrifices in order to do so, Homewise said
While the average amount of money dished out by grandparents to their families is just over £570 a year, 14 per cent have forked out over £10,000 for their loved ones, Homewise said.
Parents and grandparents in the North East are the most generous, with 66 per cent doling out money to their loved ones.
In the North West, 63 per cent of those surveyed said they give money to their families, while for London, the percentage fell to 55 per cent, Homewise said.
In Wales, 51 per cent of those surveyed said they gave money to younger relatives, while in Northern Ireland the figure is 55 per cent.
At the other end of the scale, in Scotland, only 46 per cent said they handed cash to relatives, dwindling to 39 per cent in the South West.
Mark Neal, Managing Director 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.
Regional variations: In the North West, 63 per cent of those surveyed said they give money to their families, while for London, the percentage fell to 55 per cent, Homewise said
'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.'