Grandparents increasingly help time and money strapped younger generations
8 March 2018
Grandparents are increasingly supporting their grandchildren with time and money, according to the latest Saga Populus poll.
The poll, taken across 5,671 grandparents over the age of 50, found almost half of younger grandparents take care of their grandchildren every week. No longer tied by work commitments, one in 10 grandparents said they were looking after grandchildren on almost a daily basis. This allows parents to juggle their work commitments with family life.
Alongside this, grandparents are willingly choosing to help save for – and fund – their grandchildren, with more than a quarter putting aside more than £50 per month. For one in seven grandparents, the amount is in excess of £100.
One in four grandparents said they expected their savings to go towards their grandchildren’s house deposit.
Alex Edmans, head of Product, Saga Money, commented: “Modern family life means that people rely on grandparents more than ever before. Whether it’s helping with childcare when parents are at work or providing a financial boost at significant moments such as starting out in higher education or buying their first home.
“Grandparents are generous with their time and money and relish spending time with their family, they also enjoy helping them financially towards achieving their goals.”
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