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Credit crunch forces grandparents to make sacrifices
24 July 2008
Grandparents are cutting back on spending due to the credit crunch but are still treating their grandchildren, according to a new survey.
Research by Saga revealed that because of the current economic climate older people are being forced to make sacrifices with 53 per cent of those over 50 saying they use the car less while 50 per cent admit to cutting back on personal treats.
Andrew Goodsell, chief executive of Saga, said: "With rising food and fuel prices people are having to make savings where they can."
While grandparents may be reducing the amount they spend on themselves, the majority will not stop treating their grandchildren as only 13 per cent said they would stop handing out gifts.
"Although they may cut back themselves, treats for their grandchildren will be one of the last things to go," said Mr Goodsell.
According to the survey, women aged over 50 are more likely to cut back on their spending habits compared to men over 50.
