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Grandparents struggle so they can help the grandkids

March 17, 2010 by admin  
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It has been reported that millions of grandparents in the UK are prepared to struggle financially so that they can use their money to provide for their grandchildren.

The results of a survey showed that many grandparents feel under pressure to fund their grandchildren, and as a result of this have been cutting back on spending themselves so that they can afford to pay for their grandkids.

The grandparents that are spending money on their grandkids are cutting back on many different areas, and this includes going out to eat, going on holidays, and buying new clothes for themselves.

The fourteen million grandparents in Britain are thought to be spending around £11.5 billion a year on their grandchildren, which equates to about £750 per family. However, 20 percent of these grandparents have said that providing for their grandchildren is putting a financial strain on them.

Over 40 percent of grandparents said that they have been forced to make cutbacks on their spending in order to provide for their grandchildren, and many had been forced to tighten their belts significantly. Almost a quarter of grandparents said that providing for the grandchildren was a significant financial burden for them.

80 Percent of these grandparents also said that compared to when they were young their grandchildren were spoilt. The research showed that a lot of grandparents spent much of their retirement money on toys, clothes, and other purchases for their grandchildren.

An official from BeGrand.net, which carried out the research, stated: ‘In times like these, when money can be tight, grandparents often want to help if they can and for many, it is well worth the cost. But there are ways to treat grandchildren without spending a fortune. It’s about spending time rather than money on them.’

Tags: retirement, Grandparent, official, cutbacks, clothes

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