October 7th 2024.
Welcome to Metro’s money blog, where we are diving into the topic of the sacrifices that many grandparents make for their grandchildren. In a recent survey, it was discovered that a significant number of retirees are choosing to remortgage their homes in order to provide financial support for their grandchildren.
The survey showed that one in seven grandparents are forgoing their own vacations in order to give money to their grandchildren. Additionally, one in ten have decided to cut back on their social activities and resort to remortgaging their homes. This may seem like a drastic measure, but these grandparents have their reasons.
The rising cost of living has put a strain on many families, and grandparents are often called upon to help out financially. In fact, four in ten people have turned to their grandparents for monetary assistance, highlighting the impact of the current cost of living crisis.
In other news, there may be a glimmer of hope for struggling restaurant chain TGI Friday’s. A potential deal is in the works that could save the chain from administration. This is good news for the 87 locations and 2,000 employees that are at risk. Investment group Breal Capital and Calveton are considering purchasing the chain, but it is reported that they would only be able to save 55 branches and about half of the employees.
It’s heartening to see potential solutions being explored to help struggling businesses and their employees. We will continue to keep a close eye on this situation and provide updates as they become available. In the meantime, let’s not forget the sacrifices that many grandparents are making to support their families during these challenging times.
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