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A new study has shown that mums and dads are getting into debt themselves in order to help their grandchildren and adult children stay afloat with their own finances.
A large number of workers do not believe that they will get a pay rise this year, with many of them expecting to be financially worse off in 2010 than they were in 2009.
Paying the minimum on credit card debt could be a necessity for many households. However, simply putting £20 a month more towards repayments could see the lifespan of such debt significantly reduce.
The amount that Britons save every month has dropped to a two-year low, a new study has revealed. This could mean many people struggle to meet future expenses, such as a wedding.
The future financial stability of a family could be put in jeopardy by not having life insurance or critical illness cover in place. Should something unexpected occur, there may not be enough money to cover household costs, debt repayments and other monetary commitments.
If tuition fees at university do rise in order to attract the most talented lecturers and researchers then many parents and grandparents may find the money they have put to one side is not enough to cover the cost of higher education.
The price of a luxury honeymoon could be an expense that newlyweds are unable to afford. However, grandparents and parents may decide to help loved ones out when it comes to paying for the big day and resulting getaway.
Families who have been unable to make the most of a holiday home because of the economic downturn may have been reined in by financial commitments at home.
The interest repayments on debt could prove more difficult to meet than the actual amount of borrowings taken out in the first place. Climbing interest repayments may place a burden on household finances.
Some Britons have admitted that they did not start saving until they reached the age of 40 or older. The NS&I survey found that while women look to the short term, men save money for future expenses.
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