-

Being a grandparent

Helping out with the costs involved in raising a child

Being actively involved in your grandchildren’s lives can bring huge amounts of joy, but what impact could it have on you and your money? We commissioned an exclusive YouGov survey to find out how being a grandparent could affect your finances1.

The survey questioned grandparents over the age of 50, and to keep things simple, asked them to think about how they have supported their eldest grandchild in the last 12 months2.

Help with childcare

11%
Grandparents aged 50-59 have reduced working hours 
10%
Provide daily childcare
5 million
Grandparents over 50 help with childcare

Families can depend on grandparents to provide childcare. Amongst other findings, our survey revealed that some grandparents are reducing their working hours or stopping working completely to look after children. Find out more about flexible working rules.

Make sure you’re completely comfortable with any childcare arrangements. If you’re still working but you’d like to provide childcare, you could consider asking your employer about flexible working, which all employees are legally entitled to, including grandparents.

Simon Hewett-Avison

Assistant Director of Services at Independent Age

Moving to be nearer grandchildren

11%
Grandparents aged 60-64 have moved to be near grandchildren
£8,885
Average cost of moving
21%
Maintain a spare room for their grandchildren

Being far from grandchildren might feel like you’re missing out, but moving to be nearer family members isn’t a decision to be taken lightly.

There are lots of things to think about before you decide to move, including things like the accessibility of shops and public transport in the new area.

Simon Hewett-Avison

Assistant Director of Services at Independent Age

Presents and other help for the children

37%
Grandparents bought clothing for their grandchild
20%
Bought presents without parents knowing
More than half spent £250 on a grandchild last year

Whether it’s toys or clothes, it can be hard to resist spoiling grandchildren. Our survey found 5% of grandparents also supported their adult children with household bills last year.

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 the Barclays app or Online Banking3. Find out more about cashback.

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.

Investing in their future

24%
Have given a grandchild a lump sum
25%
Have helped with the cost of studying
9%
Have contributed towards the deposit for a house

If you can afford to, giving your grandchild some extra financial help could make a real difference to their financial future. 

Today’s working parents face many challenges which weren’t encountered to the same degree by older generations. 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.

Patrick Connolly

From Chase de Vere, an independent financial adviser

Find out how you can help your loved ones buy their own house with a Barclays Family Springboard Mortgage. After 5 years, if repayments are kept up to date, you’ll get your money back with interest. Subject to application and status. Terms and conditions apply. Learn more about Family Springboard mortgages .

You may also like

Giving your loved ones financial gifts

Expert tips for passing on your money

Want to give the younger generation a boost? Discover our expert tips on the most efficient ways of giving financial support without negatively impacting your own finances.

Talking about younger generations

Real stories about giving a helping hand

Family members talk about the help they have provided for their children and grandchildren, and implications for their own finances.

Classroom calculations

Supporting younger generations from school to Uni

From student text books to new uniforms, supporting a child at school or university can add up. We’ve highlighted some of the most common fees and expenses, and suggested ways you could help with the costs.

Helping younger generations

Setting your family up for success

Whatever your relation to those you want to help, we’ll give you ideas for helping them to get ahead in life.