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Baby boomers 'helping youngsters with loan charges'

The 'baby boomer' generation are helping their offspring deal with loan charges or cope with credit card claims, Saga Services has noted.

Chief executive of the body Roger Ramsden said one-seventh of those who use the firm's equity release schemes took an average of £27,000 from their home in order to support family members.

This is a growth of approximately £5,000 since last year, he pointed out, claiming this highlights the "generous generation are giving more" as the poor economic situation continues.

Some of the ways baby boomers used this cash to help their relatives include paying off university fees or student loan claims, avoiding bank charges by clearing people's mortgages or helping youngsters to climb the property ladder.

Older people are using the money they accumulated throughout the housing boom to give grandchildren and children a "leg up in life", Mr Ramsden said.

According to Dr Gillian Granville, there were two "baby booms" in the UK - one at the beginning of the 1960s and the other between 1946 and 1950.

Amir Hussain
Amir specialises in personal loans, consumer debt and debt managementADNFCR-2776-ID-801396993-ADNFCR

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