As parents are increasingly struggling with the demands of the modern workplace, grandparents are stepping up to the plate. They are offering support not just by spending time taking care of their grandkids and great-grandkids, but also by setting some money aside for them.
Naturally this level of support occurs more often after the grandparents retire, particularly in terms of childcare, with the latest Saga Populus poll showing that a third of grandparents look after their grandkids regularly through the week. One in 10 even do so on an almost daily basis.
At the same time, the bank of gran and grandad remains active, as more than a quarter of grandparents save more than £50 per month for their grandkids. One in seven even manage to put aside over £100 per month.
All this extra money is meant to secure the next generation's future, as one in four grandparents expect the savings to go towards their grandkids' first house deposit. Alex Edmans, head of Product at 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 to achieve their goals."
To make the most of saving for grandchildren, why not look at a children's savings account or Junior ISA? These products may need to be opened by the parents, but anyone can then add funds on the child's behalf.
If your grandchild is already an adult, you could suggest they open a Help to Buy ISA or Lifetime ISA with your donations so they can enjoy some Government help while saving for a first home or retirement.
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 Any products featured may be withdrawn by their provider or changed at any time.