Grandparents to the rescue as young families seek out summer support Up to £5, [...]
Grandparents spend big when bringing home babyCreated by Arabela in Saving for grandchildren
Ask a grandparents for advice on preparing for a new baby, medicine and you’ll likely hear over and over not to overspend on kitting out your nursery and luxury baby gear. This makes sense, as babies only need the essentials and anything extra can be purchased quickly, easily, and often second-hand in order to save money. However, a new survey shows that for all their frugal tips, when it comes to their own grandchildren, grandparents are actually more likely to splash out than even Mum and Dad!
Kitting out the kids
According to The Baby Show, one of the UK’s largest pregnancy and parenting events, grandparents actually spend around £100 more than parents on baby gear. Grandparents were found to put down an average of £809 on new baby gear to welcome new arrivals. The money was spent on everything from prams, to nursing gear for mum and baby, and toys marketed at future ‘baby geniuses.’ The figures come from a survey of 1,000 visitors at The Baby Show, which sells the latest in pregnancy, parenting and baby equipment to eager parents and grandparents.
Grandparents save as well as spend
Of course, buying baby gear is not all that grandparents do! According to official statistics, over 10 million pensioners in the UK volunteer their own time to provide childcare to their grandchildren. This allows their own children to pursue their careers while ensuring that their grandchildren are raised in loving homes. In addition, 6% of first-time homebuyers say that they will receive help not just from their parents, but from their grandparents.
Nicole Muller, The Baby Show’s director, said of the modern grandparent: “The stereotypical model of a grandparent 30 years ago does not exist in modern times. They are more energetic and full of life than ever. Due to the rising costs of childcare and living and the growth of career couples wanting to offer the best for their families’ future, new parents are calling upon their own parents to care for their grandchildren. Many working parents benefit by granny & granddad looking after the little ones for at least one day a week. This save up to £500 a month in childcare costs, which they can then save for their child’s future.”
Arabela Velasco of CompareJuniorISA.com, a leading UK children’s savings website, agreed with Ms Muller, saying: “Today’s pensioners are exceedingly generous, from splashing out on gifts for newborns to helping to contribute towards children’s university funds. Because of the help of grandparents, more and more families are working together to raise children in multi-generational families, which not only saves money but is also good for children’s well-being.”
Though grandparents already save the average family thousands a year by volunteering their time, many are looking to save financially for their grandchildren’s futures. One tax-free option is the Junior ISA, offered by Shepherd’s Friendly