Retirees still "spoiling the grandkids"
The credit crunch is not slowing grandparents' spending on their families, a report from Saga reveals.
People over 50 are cutting back on spending on themselves, the survey said, with 84 per cent of women and 77 per cent of men changing their lifestyles due to increasing costs.
Over half (53 per cent) of those questioned are cutting cost by reducing car use while 50 per cent have reduced spending on personal luxuries for themselves.
However, Saga also found just 13 per cent have reduced their spending on their children and grandchildren.
"Spoiling the grandkids" may result is less money left from pensions and ISAs.
Saga's chief executive, Andrew Goodsell said: "Grandparents seem determined to insulate their grandchildren from the current economic pinch and, although they may cut back themselves, treats for their grandchildren will be one of the last things to go."
This week ADDIDI Wealth urged people to seek unbiased financial advice to make their money go further.
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