Call for an instant quote
0345 90 80 161
Open Mon to Fri 09:00 - 17:30 | Sat 09:00 - 16:00 (GMT)
05 March 2013 09:03
Many grandparents have given cash to their grandchildren to help them out
Many grandparents are having to help their grandchildren financially, research has shown. Around one in six said they have helped their younger relatives overcome money woes with cash handouts, with £2,496 being the average amount given away.
The Investec Wealth and Investment survey, which involved more than 1,000 grandparents, showed that 15% helped with big costs such as university fees or buying and renting a home. Meanwhile, just under half (47%) said the cash was for reducing debts or helping to relieve pressures from high living costs. Older people in Wales were found to be the most likely to be helping out their grandchildren, with just over a fifth (21%) handing over money.
With many grandparents having to help in this way, it can be important that for expenses such as holidays and
seniors travel insurance they shop around and get the best possible deals to maximise their funds. Nick Gartland, senior financial planning director at Investec, explained that there had been a number of cases where grandparents had to help out when their grandchildren lost their job and were struggling. He added: "Many grandparents are also conscious of the impact of inheritance tax and believe it makes more sense to see the younger generation benefiting from their assets during their lifetime."
09 February 2016
Cancer death rates in the UK have fallen significantly over the course of the last decade, new figures show.
06 February 2016
A surge in same-sex honeymoons has prompted a travel company to recruit LGBT holiday experts.
05 February 2016
Travellers heading for the sun-kissed Canary Islands will soon be able to enjoy the first under-sea museum in Europe.
04 February 2016
Holidaymakers jetting off with a low-cost airline could soon be served water created from hydrogen batteries.
03 February 2016
Britons prefer haggling on holiday rather than at home, new research reveals.
02 February 2016
Younger people with diabetes need better access to healthcare services to help them manage their condition, claims a charity.
30 January 2016
Hong Kong gets more tourists than any other city, according to new figures.
29 January 2016
A sugar tax on soft drinks is needed to help tackle the issue of childhood obesity, says the World Health Organisation (WHO).
28 January 2016
Travel insurance policies paid out to the vast majority of claimants in 2013 and 2014, newly published figures show.
27 January 2016
Four in five internet users are saving money on their holidays by searching for better deals online, new research reveals.
26 January 2016
Travellers flying to and from London Luton Airport (LLA) can look forward to improved facilities after expansion work started this month.
23 January 2016
Doctors in England are prescribing six times more drugs to treat Alzheimer's disease compared to a decade ago.