Saturday, 27 June 2009

Why is this not a surprise?

Despite the challenging economic conditions, some 1.8 million grandparents are regularly putting money aside for their grandchildren. In fact, a fifth of grandparents are saving £400 a year or more, which could provide their grandchildren with a nest egg of up to £10,000 when they turn 18, according to Saga. A further one in ten are saving additional funds for their adult children to help them through these challenging times, despite the fact that many of them are retired or live on limited means themselves. The research also shows that seven in ten have provided financial help to their family over the course of the last five years, as well as putting money aside for them. Proving that the bank of mum and dad stays open well after their kids have left home, almost half of over 50s admit to having helped out their adult children with money when they have fallen on hard times. Furthermore, 15 per cent of grandparents have helped fund luxuries for their grandchildren, contributing to the cost of treats such as a computer or a family holiday.

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