Grandparents Helping Their Childrens’ Kids [AUDIO]
With a still uncertain economy, many New Jersey parents’ are helping take care of their childrens’ kids.
According to a University of Michigan study, 61 percent of grandparents ages 50 and older provided at least 50 hours a year of care for their grandchildren.
“This is not uncommon in tough economic times, especially in a high cost state like New Jersey” said Maury Randall, a finance professor at Rider University.
“There is a lot of financial stress out there nowadays, high gas costs, food prices are up, housing payments” he said.
Randall says grandparents are helping out in a number of ways.
“Some of them provide babysitting, that seems to be happening in a majority of the households. Others give money, mainly for educational purposes.”
Still, some 34 percent of grandparents who helped out said it has a negative effect on their own finances.
“Grandparents who provide care do so because they want to, but much more so because of the economy.”