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article imageKids being raised by their grandparents and the recession

By KJ Mullins     Apr 4, 2009 in Business
Grandparents raising their children's children are having a tough time during the current recession. While the unemployment rate is lower for those who are older once they lose their jobs it is more difficult for them to find work.
Adults who are raising their grandchildren already have enough on their plate without having to deal with the recession as well. With pink slips flying the recession can hit hard for those just making ends met at an age where finding a good job is close to impossible.The unemployment rate for those 55 and over have risen to 6.2% as of March. That is the highest figure since September 1949.
At the same tome the unemployment rates rise more grandparents have had to take on raising their grandchildren. In 2007 there were about 4.7 million children living in homes headed by at least one of their grandparents. The shift to grandparents raising their children's offspring has risen due to several factors including more parents into drugs, AIDS, cancer and when struck by tragedy single adults leaving their children behind.
While not all grandparents are the sole providers most make significant contributions.
The Wall Street Journal reports:
Not all of these grandparents are sole caregivers, says Kenneth Bryson, a director at Generations United, a Washington nonprofit, "but most are making important contributions," providing "substantial care so that the parents can work or go to school."
In the United States about twenty percent of grandparents or other relatives raising children other than their own receive grants. In New York that grant money comes to roughly $5,000 a year. That means the majority of those raising the kids are not getting any help.
Children who reside in foster care programs on average cost New York $22,000 per year for their care.
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