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Majority Of Grandparents 'Not Saving For Grandchildren's Financial Future'

Oct 12, 2007
Grandparents are generally not saving for their grandchildren's financial future, it has been suggested.

In research released by Scottish Investment Trust (SIT), less than a third of respondents are putting cash into savings and investments accounts for their younger relatives, reports Citywire. Consequently having a shortfall of cash in saving schemes may add to consumers' struggles in managing their money as they get older which may include areas such as paying off rent and utility bills in addition to servicing secured personal loan repayments and other forms of borrowing.

The SIT survey, which questioned more than 500 grandparents throughout the country, also revealed that such consumers are more likely to spend money on their children's children on a day-to-day basis, instead of taking steps to prepare for their financial future. In addition, findings from the company also revealed that grandfathers rather than grandmothers will look to invest cash into savings schemes for their grandchildren.

Sherry-Ann Sweeting, marketing manager for the financial services firm, told the publication that putting cash away for their grandchildren could help them to manage their finances better in later life, as they may be able to pay off mortgages, loans and overdrafts with greater ease when they get older. Ms Sweeting said: "Investing for a grandchild on a regular basis over the long-term could help to give them a flying start in adult life."

Meanwhile, research carried out by Birmingham Midshires in August this year has suggested that although more Britons are saving money they could still face pressures on their monetary situation rising. According to the financial services firm's latest Saving Britain study, two-thirds (67 per cent) of adults currently have cash put away for use later on in life - a rise from the 62 per cent noted in the same research carried out in September 2006. In spite of this positive outlook, however, a shortfall was noted in the level of money being put away as living costs increaes. During the three months preceding August, typical consumers were shown to have saved some 910 pounds, a drop of about a third from last year's figure of 1,376 pounds.

Although Jason Robinson, director of savings operations for the financial services firm, stated that "it's easier said than done", Britons should put cash away regularly and have about three month's salary set aside to help them cope with unforeseen monetary difficulties - for instance meeting rent or mortgage costs, paying off secured loans and servicing overdrafts - should they unexpectedly become ill or lose their job. Research from the company also revealed that young people are preparing their finances for the future more effectively as they have put away 1,523 pounds into savings schemes during the past three months. On the other hand, consumers over the age of 55 have saved just 688 pounds.

Consequently those worried that they do not have enough disposable income to allow them to put money into savings schemes, either for themselves or their loved ones, may wish to consider taking out a debt consolidation loan as a means of meeting various demands on their finances.
About the Author
Mark Dawson writes for the Loan Arrangers. Where visitors can compare cheap loans online, and apply for debt consolidation loans. To read more articles from Mark go to http://news.loan-arrangers.co.uk
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