UK grandparents spend £4bn a year on grandchildren
A poll of more than 1,000 grandparents by J.P. Morgan Asset Management (JPMAM) found just over a third (36%) help buy clothes and school uniforms, 29% pay for shoes, and 16% help cover the cost of school trips. One in eight (12%) are also paying for, or towards, improvements for the family home.
The survey also found that two-fifths of grandparents (42%) are saving for their grandchildren’s future, and during the last year have put away an average of £154 each – or £2.4bn collectively.
Grandparents are also generous with their time, with over a third (36%) looking after their grandchildren for free for more than 10 hours during an average week.
But grandparents are not just helping out when children are young. Nineteen per cent have helped with a deposit for a home, 32% with the cost of wedding, 31% with buying a car and 28% with the cost of holidays.
Keith Evins, head of UK funds marketing at J. P. Morgan Asset Management, said: “Bringing up a family while making ends meet is certainly no mean feat. Fortunately, the nation’s grandparents are helping their families financially and with their time, too. As parents and grandparents it’s important we do as much as possible to lay a good financial foundation for our families, so it’s encouraging to see generations rallying round each other with support.”