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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."
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