I like being able to help the family
Barry Crossland is one of the army of grandparents helping younger generations to manage financially.
The dad of two, with five grandchildren, loves being able to give a helping hand.
Barry, 81, says: “It’s really tough for younger people to keep on top of everything with the continuing rising cost of living. I’m just glad I’m able to help them out as they need it.”
Barry, a former teacher who lives near Halifax in West Yorkshire, set up a trust fund for their grandchildren out of his joint savings with his first wife before she died of cancer.
He says: “I didn’t need any of our savings and we both wanted to ensure we gave the grandchildren the best financial start and had the funds to help out when needed. The fund is to be shared equally between the five of them.
“I’ve helped my daughters in the past and it feels good to be able to help the youngsters. I’ve supported my two oldest grandchildren through university with a regular weekly £100 cash each to assist with their everyday living costs. And I’ve gifted them a lump sum to help reduce their student debt as they finished studying. I could tell they were struggling to make ends meet. Lots of youngsters are, it’s really hard for them these days.
“I keep a tally on how much each has had, so that I can ensure the three younger ones will get exactly the same amount as and when they need it. It has to be fair and eventually it will be all squared off so they each get an equal amount.”
Barry says it’s an expensive business going to university, as even with his help with living costs, his grandchildren ran up debts from their tuition fees.
“The student loans system is complicated and I’m currently deciding whether to help my grandson pay his off completely. I need to ensure I don’t end up short for the others as it all has to be fair and each get the same amount.
“Whatever I decide on that one, helping both of the older grandchildren with their everyday living costs meant they both didn’t end up with huge debts, like many of their friends.
“I’m lucky I can have a decent lifestyle and go on holiday on my pensions, so I can give this cash without leaving myself short.
“I get a lot of joy out of being close to the family and it feels good that I can help them out.
“I’d rather help everyone out now when they need it most and get some enjoyment from doing it.”