Grandparents Restricting Their Finances to Support Their Grandchildren

Grandparents Restricting Their Finances to Support Their GrandchildrenFindings in a recent survey have highlighted that in many cases, elderly people are restricting their own needs to financially support their children and grandchildren. MetLife Mature Market Institute conducted this survey, which highlighted the role of grandparents in upbringing of their grandchildren, be it in terms of money, time and values.

The survey titled Grandparents Investing in Grandchildren emphasized that with economy of America facing major problems and unemployment ruling the country, Americans who financially become weak asks support from their parents and grandparents.

Out of the total grandparents surveyed, 20% were residing in multi-generational households, 13% were financially supporting and caring for one of the grandchild.

Moreover, 62% affirmed that since the past five years, they have been financially aiding their grandchildren. 34% of them had to cut short their own desires and needs to support their grandchildren financially.

Nevertheless, the generation suggested that they even wish to inculcate certain moral values in their grandchildren, with 88% voting for honesty, 82% favoring good behavior, 73% highlighted the importance of voting, 70% wanted them to be self-sufficient, 69% wanted them to go for higher education and 68% wanted them to abide by healthy habits. Grandparents said, "It's important that their grandchildren maintain their standard of living".