Recession would be good for young, say 42% of retirees

A poll by mortgage and equity release provider Responsible Life of 1,000 of its customers has revealed that 42% of its retiree customers think a recession would be good for younger people

A poll by mortgage and equity release provider Responsible Life has looked at the attitudes of its retiree customers towards the plight of young people in the modern world. 

The older generation remains very generous towards its children and grandchildren, the poll finds, but it also shows some pretty stern attitudes towards young people's world view. 

Click on to see the results. 

A poll by mortgage and equity release provider Responsible Life has looked at the attitudes of its retiree customers towards the plight of young people in the modern world. 

The older generation remains very generous towards its children and grandchildren, the poll finds, but it also shows some pretty stern attitudes towards young people's world view. 

Click on to see the results. 

Snowflake: [noun, inf] a person who is emotionally fragile as a result of being being told  they are special.

A pretty harsh put-down of young people who have conscience, opinions and who care about others, right? Wrong.

One in five of the retirees surveyed in Responsible Life's poll think their own grandchildren are snowflakes. More specifically, they believe their grandchildren are 'prone to taking offence, less resilient than previous generations or are too emotionally vulnerable to cope with views that challenge their own.'

Now that is frosty!

Recession [noun]: a period of economic decline, typically defined by a decrease in gross domestic product

We all go through tough times. Perhaps most surprisingly, 42% the retirees surveyed in the poll believe a recession would do their grandchildren some good. 

Work ethic: an assessment of the quality of somebody's attitude to their work.

We all try our best, right? Wrong. According to the people surveyed by Responsible Life, almost a quarter (24%) think their grandchildren do not have a good work ethic. 

 

Offspring: [noun] a person's child or children

We all have family arguments sometimes. 43% of those surveyed in this poll said that as grandparents, they were critical of their own children's parenting skills, belieiving that they were too easy on their own offspring. 

Retire and return: when a previously retired employee goes back to work 

Nearly one in 10 of those surveyed said they had gone back into full or part-time work after their retirement in order to help their grandchildren financially. 

Equity release: a lending arrangement that allows homeowners to use the value within their property while still living in it.

Of the customers surveyed by Responsible Life, nearly seven out of ten (69%) had helped their grandchildren with rent money, a house deposit or general living costs, either through working in retirement, savings or by releasing equity from their homes. 

Generosity [noun]: the quality of being kind and generous with money, time or gifts.

Grandparents are being incredibly generous with their money, Responsible Life said, with 60% giving their children financial help three to four times per year, 15% once a month and 7% once a week. 

Gift [noun]: a thing given willingly to someone without payment; a present.

A third (35%) of the sums given by grandparents to their grandchildren were less than £100.

But Responsible Life also found that 7% of customers surveyed had given between £100 and £200, 5% had given between £200 and £300, 7% had given between between £300 and £400, 6% had given between £400 and £500, 22% had given between £500 and £1,000. 18% of customers had given more than £1,000.

 

Lending [noun]: the action of allowing a person or organisation to use a sum of money that will be repaid later, possibly with interest.

Responsible Life said that of the 35% of respondees who had loaned their grandchildren money with the expectation that it would be paid back, only half had received the full amount.

13% had received less than half of the sum paid back and 20% had been repaid nothing at all. 

A grand [inf]: a thousand pounds

A quarter of grandparents included in the survey said that they had loaned their grandchildren between £10,000 and £20,000. 8% said they had loaned more then £20,000.

Just under a third (30%) said they had loaned less than £1,000, 19% had loaned between £1,000 and £5,000. 18% said they had loaned between £5,000 and £10,000. 

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