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Grandparents Helping Their Childrens’ Kids [AUDIO]

With a still uncertain economy, many New Jersey parents’ are helping take care of their childrens’ kids.

Flickr User juhansonin

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.”

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