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The bank of grandma and granddad

Friday, June 13, 2014

Piggy bank

Mums and dads have long been dependable sources of income for children of all ages, however, these days; they are not the only family members occupying this privileged role – grandparents are getting in on the action too.

Welcome then to the Bank of Grandma and Granddad. Perhaps it is a consequence of the financial crisis of 2007-08 or a sudden cultural shift in how an older generation want to spend their hard-earned cash, but what is clear is that grandparents are handing over increasing amounts of cash to their grandkids.

As the classic saying goers, "it is better to give than receive" – not only is it a nice feeling to get someone a gift, for whatever occasion, it is also heart-warming to help people out. Of course, we can all have a lot of fun in treating ourselves, and long may that continue, but there is a lot of fun to be had in spending our money on others.

With older grandchildren, helping out financially is merely another way of pampering youngsters. After all, one of the best things about being a grandparent, aside from the fact that you don't have to be that much of a disciplinarian and can be mischievous, is spoiling your children's children.

When grandkids are especially young, this can take the form of letting them stay up past their bedtime, giving them extra sweets, letting them watch scary movies or taking them on an adventure-packed trip.

Consider financial support as an evolution of that. As well as being attuned to how difficult it is for young adults to save, grandparents are also equally conscious of how cash-strapped many people are, including their own offspring.

They are therefore happy to help out everyone in their immediate family, wherever possible. Whether it is putting cash into a savings account, helping pay off debts, providing interest free loans for a car, or contributing towards getting on the property ladder, grandma and granddad are keen to assist.

From the odd bit of cash here and there, to monthly allowances during university, to lump sums that don’t need to be paid back, it’s wonderful to know that grandparents are there to help out financially.

This link will take you back to the Love Retirement homepage where you can find more interesting articles to read.

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