Posted by SchoolDays Newshound on 05/12/2012. Tags: Family And Leisure
An increasing number of pensioners are using their savings to help their adult children and grandchildren stay afloat.
New research from the National University of Ireland, Galway, revealed it is now far more common for pensioners to be helping their offspring than the other way round.
Families are being bailed out by elder relatives as they struggle to meet high mortgage repayments and battle declining incomes that have resulted from tax hikes and pay cuts, as well as unemployment.
Dr Kieran Walsh, who was involved in the Deprivation And Its Measurement In Later Life study, commented: "Our study identified a number of older parents who were evidently making major financial sacrifices in order to support the welfare of their adult children."
The research raised concerns that the trend could lead to a situation where the financial stability of pensioners could be threatened.
Dr Walsh noted that poverty and deprivation remain a real threat to the lives of many older individuals.
Written by Donal Walsh