From colourful new books to the latest computer games, it’s hard to resist spoiling grandchildren, whatever their age.
- Almost a fifth of grandparents had spent money on a holiday, 29% had spent money on days out and 37% had spent money on clothing in the last year
- More than half had spent up to £250 on their first grandchild in the last year, while more than one in 20 grandparents had spent £1,500 or more
- Just over one in ten grandparents with a grandchild aged between 11 and 17 had paid for their entertainment subscriptions, such as music or games in the last 12 months
- Just over one in seven of grandparents with a grandchild aged between six and ten had paid for sports or activities in the last 12 months
- Just over one in five grandparents have secretly bought presents for their grandchildren, and over one in 10 have bought them clothes without the parents knowing
- 5% of grandparents helped their adult children with their household bills in the last year, suggesting almost 600,000 grandparents in total could be supporting their family in this way
- 1% of grandparents have paid a grandchild’s mobile phone bills without their parents knowing, suggesting 118,850 grandparents in total could be secretly supporting their grandchildren in this way.
It’s not surprising that our survey found that two-thirds of grandparents spent money on presents for their grandchildren, from toys to books. However, grandparents are also supporting with other costs, including household bills.
“Today’s working parents face many challenges which weren’t encountered to the same degree by older generations,” says Patrick Connelly, from Chase de Vere, an independent financial adviser. “This includes university fees and greater job insecurity, while the prospect of buying a house may seem like a distant dream for many younger families.”
Against this backdrop, it isn’t surprising that many grandparents want to help their adult children financially to give their grandchildren a head-start in life, he says.
Whatever your age, it can be tricky to keep on top of your finances. Read our tips for you or your adult children about managing outgoings. Explore our money management tips.
If you’re worried about your finances or the finances of your adult children, there is help available. Read our practical advice help you address concerns about money.
If you’re thinking of treating your younger relatives, remember that as a Barclays current account customer, you can get cashback on your shopping at participating retailers, including Lego and WH Smith, when using our Barclays app or online banking. Find out more.