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Parents 'could help to advise youngsters on the credit crunch'

By Sarah Engle, Tue 5 Aug 2008 - Published in Banking

Parents could be a useful sounding board when it comes to youngsters learning how to deal with the credit crunch, it was suggested today.

Daily Mail journalist Rosanna Spero said the over-55 age group could help to advise the younger generation on how to best deal with the current economic climate, which is causing many people to tighten their belts.

Ms Spero explained that because the older demographic is likely to have paid off mortgages and gained experience with loan and credit card repayments, they are "most definitely" more experienced in handing financial squeezes.

"They've lived through the '80s, they've lived through the '70s, they've seen all this cycle time and time again, so they've had this experience," she added.

Her comments come after a recent study by Lloyds TSB Insurance discovered that 43 per cent of those aged over 55 said their quality of life was high.

In comparison, around a third of 16 to 44-year-olds said the same about theirs.