The vast majority of grandparents want to leave their grandchildren a legacy, and most of those want to ring fence the money to ensure it is passed on, according to research from SunLife.

Seven in 10 plan to leave their grandchildren an inheritance and, of those, more than half (55%) will leave it directly to their grandchildren rather than trusting their children to pass it on.

SunLife’s research also found that half of all UK grandparents said they enjoy spending time with their grandchildren more than they enjoyed spending time with their own children when they were growing up.

And while most say they feel they spend enough time with their grandchildren, two in five would like to spend more.

Cost of grandkids

Grandparents spend an average of £62 a month on their grandchildren on things like pocket money, sweets, clothes, presents, hobbies and clubs.

At the top of grandparents’ lists of ways they enjoy spending money on their grandkids is ‘days out’ and ‘doing things together’ followed by toys and books.

And while they don’t begrudge spending cash on their grandkids, a third said they don’t like having to fork out for school and travel expenses.

Ian Atkinson, spokesman at SunLife, said: “The fact that over two thirds plan to leave an inheritance direct to their grandchildren shows how much they’re in their thoughts.

“Of course, if you are planning to leave your grandchildren an inheritance, it’s important to have an up-to-date Will. Without one, the law will decide what happens to your estate so your wishes might not be met.”