Wednesday, 5 October 2011

Grandparents subsidise family holidays

A significant proportion of family holidays are paid for by grandparents, according to research from a leading insurer.

Grandparents are increasingly paying for family breaks, according to new research by Gnu Insurance.
The insurer polled 1,000 over-50s and found that 43 per cent of people in this age group have paid for their children and grandchildren to go on holiday at some point.
Nearly one in four grandparents said they paid for a family holiday every year, while 56 per cent dip into their savings once every two years.
The survey suggests that grandparents will collectively spend more than £2 billion on family breaks this year, accounting for nearly one-tenth of the nation's outlay on holidays.
Paul Thilo, general manager at Gnu Insurance, remarked: "The over-50s have more spending power than ever before when it comes to holidays.
"Not only are retirees making the most of their freedom by travelling more, they are also responsible for funding a lot of family holidays, for all generations."
However, grandparents may become less generous with their savings in future, as figures show that older age groups are currently suffering the highest rates of inflation.

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