UK Wedding News
20/08/2014
The poll, conducted by insurance firm Saga, found that more than a third of Britain's 11.8 million grandparents have either previously funded, or are planning to help fund, their grandkid's studies. On average, the over 50s will spend around £4,000 each. A similar study conducted in May 2009 found that 41% of grandparents had put money aside for their grandchildren, but the amount was just £1,000.
For those parents over the age of 50, they also contribute to their child's education, with 67% of mums and dads contributing an average of £6,777 when it comes to sending their offspring to university.
Andrew Strong, Chief Executive at Saga Personal Finance, said: "The billions that Britain's grandparents put aside for grandchildren shows both how hard they have worked and saved all their lives and also how lucky teenagers are now to have such generous relatives.
"These days, it pays for the over 50s to be savvy savers and intelligent investors, if they are to continue this generous support. Allowing wealth to cascade down the generations, seeing how their money supports their kith and kin, is the very heart of what it means to be a modern grandparent."
(JP/IT)
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Grandparents Now Help Fund Grandchildren's Uni Costs
A new study has revealed that grandparents throughout Britain will spend more than £16bn on university costs – for their grandchildren.The poll, conducted by insurance firm Saga, found that more than a third of Britain's 11.8 million grandparents have either previously funded, or are planning to help fund, their grandkid's studies. On average, the over 50s will spend around £4,000 each. A similar study conducted in May 2009 found that 41% of grandparents had put money aside for their grandchildren, but the amount was just £1,000.
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For those parents over the age of 50, they also contribute to their child's education, with 67% of mums and dads contributing an average of £6,777 when it comes to sending their offspring to university.
Andrew Strong, Chief Executive at Saga Personal Finance, said: "The billions that Britain's grandparents put aside for grandchildren shows both how hard they have worked and saved all their lives and also how lucky teenagers are now to have such generous relatives.
"These days, it pays for the over 50s to be savvy savers and intelligent investors, if they are to continue this generous support. Allowing wealth to cascade down the generations, seeing how their money supports their kith and kin, is the very heart of what it means to be a modern grandparent."
(JP/IT)
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