Over 50s Financial Blessing to Children

The over 50s are being held up as the "generous generation" due to their generosity to their children and grandchildren, recent research reveals.This generosity, in terms of financial help to younger members of the family, is happening despite the current gloomy economic outlook.

Members of this demographic are likely to donate cash directly to charity this Christmas. This generosity has been praised as there has been a rise in the cost of living over the last year for over 50s and yet this fact has not affected the level of their generosity.

Director General of Saga Dr Ros Altmann said: "It is heart-warming how much the over-50s are helping others, despite high inflation, by supporting family and charity".

According to the survey on 11,194 people conducted by Saga, over 75s are the most likely age group to donate to charity, while 53 per cent have plans to donate this year.

Despite their high level of generosity, over 50s are nevertheless having to make substantial cutbacks in their daily lives, Saga found from the survey. One third of over 50s are having to cut down on heating their homes, and four out of ten use their cars less often, while three out of ten over 50s are taking fewer holidays.

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