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Half of mums contribute to their child’s savings

Lucinda Beeman
Written By:
Lucinda Beeman
Posted:
Updated:
05/12/2014

Research by Standard Life found that mothers and grandmothers alike play a vital role in the financial well-being of later generations.

Almost three quarters of mums-73 per cent-help their children financially for the future by topping up their savings and ISAs, while over half have contributed to their children’s long term savings and investments in the past year. Their contributions averaged £1,252.

Grandmothers also play a vital role; two in five give their grandchildren pocket money on a regular basis and 31 per cent make contributions to their grandchildren’s savings accounts.

Julie Hutchison, family finance expert at Standard Life, said: “Where would we be without the support of our mums and grans? Our research shows just how much support they give us in terms of time, money and guidance. Sometimes their support even increases when we become adults, particularly if they are helping to support children and grandchildren through University.”

One in ten grandmothers help with the cost of university for their grandchildren, according to Standard Life’s findings. Mothers on average go even further: 40 per cent help with their children’s first car, 36 per cent with university fees and 23 per cent with wedding costs.


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