London: People over 50 seem to be the "generous generation" in the UK, for a new study has revealed that a third of them are providing financial support for their children or grandchildren, despite the recession.
The Saga Quality of Life Index, a quarterly snapshot of the financial and social wellbeing of the UK's over-50s, also found that almost half of all people in this age group would give cash directly to charity this Christmas.
The desire to give comes despite a decline in the quality of life over the last year and a significant rise in the cost of living among the over-50s, according to the study.
Dr Ros Altmann, the Director General of Saga, said the findings prove the over-50s are the "generous generation".
"It is heart-warming how much the over-50s are helping others, despite high inflation, by supporting family and charity," Altmann said.
Saga's survey, which is based on the attitudes of 11,194 people, found people over the age of 75 are the most likely to give to charity, with 53 percent of over-75s saying that they are planning to donate this year.
The generosity comes despite older people making significant cutbacks in their own lives.
The study found a third of over-50s are heating their homes less as a result of rising energy prices. Four in 10 are using their cars less and three in 10 taking fewer holidays.
More than one in 12 said they are delaying retirement while a third are cutting back on their short breaks.
According to the study, more than six in 10 over-50s said that the cost of living was a bigger concern than it was a year ago.