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1.8 million over 50s saving for grandchildren

1.8 million over 50s saving for grandchildren

Category: Savings

Updated: 25/01/2011
First Published: 26/06/2009

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.
Despite the challenging economic conditions, around 1.8 million grandparents regularly save money for their grandchildren.

In fact, a fifth of grandparents are saving £400 a year or more, which could provide their grandchildren with a savings nest egg of up to £10,000 when they turn 18, according to Saga.

A further one in ten over 50s are saving additional funds for their adult children to help them through these challenging times, despite the fact that many of them are retired or live on limited means themselves.

The research also shows that seven in ten over 50s have provided financial help to their family over the course of the last five years, as well as putting money aside for them.

Proving that the bank of mum and dad stays open well after their kids have left home, almost half of over 50s admit to having helped out their adult children with money when they have fallen on hard times.

Furthermore, 15 per cent of grandparents have helped fund luxuries for their grandchildren, contributing to the cost of treats such as a computer or a family holiday.

"Despite the current climate our research proves that we are still a financially generous nation when saving for those we love," commented chief executive, Andrew Goodsell.

"It's good to know that the prudence and experience of many over 50s has enabled them to support their children and grandchildren who need financial help in these uncertain times."

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Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

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