Grandchildren cost their nans and granddads £800 a year

The days of feeling lucky to be slipped a crafty fiver by a doting grandparent appear to be over after a recent study showed millions of grandparents are having to shell out more than ever to meet the demanding needs of their nearest and dearest.
According to grandparenting website BeGrand.net, nans and granddads are spending a total of £11.5 billion a year on their grandchildren, with nearly a quarter admitting that shelling out on the younger generation was putting a strain on their own personal finances.
The average grandchild costs £188 a year, according to the study, and with the average family consisting of four grandchildren, the cost then skyrockets to an average of £800 a year for the typical gran or granddad.
However, the study also found that despite the hefty bill, nearly half of grandparents would like to give more money to their grandchildren, even if it meant cutting back on their own lifestyles.
About 13% said they had put travel plans on hold, while 10% were taking fewer holidays and 8% were spending less on new clothes for themselves, the study found.

Tags: banks & financial institutions, financial advisers, Grandparents, money, savings