As a grandparent, you are probably among the 94 percent who generously contribute to their grandchildren’s financial well-being. Statistics reveal that such monetary support averages out to around $2,562 annually. It’s an act of love, demonstrating that the family tree’s roots run deep.
The largest chunk of your support, as borne out by a 2019 report, likely finds its way into buying gifts. With 86 percent of grandparents opting for this avenue, it’s a significant expenditure, averaging $805 annually.
However, the nature of this financial support may be diverse. Among 62 percent of grandparents supporting their grandchildren financially, 40 percent cover the basic expenses, 29 percent pay for education, 15 percent help develop savings, and 21 percent take care of medical bills or wedding expenses.
Whether your resources are substantial or limited, what matters most is that your contributions align with your financial landscape and personal values. So, if you’re planning to fuel your grandkids’ education and help them develop a secure financial future, this post may come in handy! It reveals six unique and tried-and-true strategies for your grandchild’s education. Read on and find everything involved.
