Grandparents are really living up to their names according to the latest research from Birmingham Midshires, which estimates that parents save nearly ‘a grand’ a year thanks to their own parents.
Birmingham Midshires’ Life 2
campaign, which looks at the issues facing people aged 55 and over, has revealed that parents are saving around £900 a year, which is £75 a month, thanks to grandma and grandad, who provide meals, entertainment for their grandchildren, as well as buying toys and gifts.
And the research shows that it is grandfathers who are the real ‘grand’ parents, they spend around £69 a month on their grandchildren, compared to grandmothers who spend £45 on average.
But, says Birmingham Midshires, this is still very generous, considering the basic pension for a week is only £69.80 per person or £139.60 per couple.
“Far from being a burden on their children, grandparents are contributing significant amounts of time, money and assistance to their offspring at the same time as adjusting to huge changes in their own lifestyle and income,” explained Jason Robinson, director of savings operations at Birmingham Midshires.
“With grandparents spending the equivalent of around one week’s State Pension a month on their grandchildren, many are reaping the benefits of having long term savings to fall back on,” he said.
“Given Britain’s well-publicised levels of consumer debt it is questionable whether, without savings, the current generation of grandchildren will be able to do the same in 40 or 50 year’s time for their children’s children.”
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