Experian uncovers a nation of financially astute grandparents
New research by CreditExpert from Experian has uncovered a nation of financially astute grandparents.
With the UK’s ageing population making the headlines, research shows that the ’Bank of Grandma and Grandpa’ is alive and well with British grandparents spending on average nearly a quarter (22%) of their income on their grandchildren*.
However, according to new research by Experian, it seems that financially savvy grandparents are not just supporting their families with cash, but are also passing on their first-class personal finance knowledge.
Far from being dependent on their own children, the research by Experian highlights that grandparents are amongst the most financially literate in the UK and ready to share the benefit of their knowledge and experience with their loved ones. A staggering 83% of grandparents understand the importance of a healthy credit history on their finances and 41% rate their own financial literacy as ’high’. Conversely, nearly a quarter of 25-34 year olds (23%) and over a third (33%) of 35-44 year olds described their financial literacy as ’low’**.
Whilst 80% of grandparents revealed that they own a credit card, nearly half (42%) claimed to have no debt on their credit cards due to good personal finance management, with over two thirds (69%) stating that they always pay their bills on time to avoid late notices or penalties***.
Peter Turner, managing director at Experian Interactive, said: “Of course our grandparents want to help in every way they can at difficult times, but as our research proved, they have a lot more to share with us than just their savings. They have more experience of personal finance planning than anyone else in the country and this is far more valuable than a quick fix cash loan. We would therefore all benefit from the example set by our grandparents by building up a strong credit history to show lenders we can manage our finances well and are good candidates to lend to.”
Notes to editors:
* Research conducted by NSM for Yours Magazine: 18.10.10
** Research conducted by 72Point for Experian 01.10.10. Those questioned were asked to rate their financial literacy between 1-5. A ’high’ score constituted a score of 4 or 5, a ’low’ score either 1 or 2
*** Research conducted by 72Point for Experian 01.10.10
Experian is the leading global information services company, providing data and analytical tools to clients in more than 90 countries. The company helps businesses to manage credit risk, prevent ID fraud, target marketing offers and automate decision making. Experian also helps individuals to check their credit report and credit score, and protect against identity theft.
Experian plc is listed on the London Stock Exchange (EXPN) and is a constituent of the FTSE 100 index. Total revenue for the year ended 31 March 2010 was $3.9 billion. Experian employs approximately 15,000 people in 40 countries and has its corporate headquarters in Dublin, Ireland, with operational headquarters in Nottingham, UK; Costa Mesa, California; and Săo Paulo, Brazil.
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