UK Wedding News
11/11/2015
The research, conducted by LV=, found that 25% of grandparents who had already given money to their grandchildren, had taken the funds from their pension in order to do so. An additional 16% of respondents said they planned to do the same once they reach pension age.
On average, grandparents have spent £1,633 on their grandkids, while one in 20 (6%), have handed out gifts of more than £10,000.
Meanwhile, in the coming years, 56% plan to give money away – with the average handout said to be £2,938. Interestingly, grandmothers will give away more money than grandfathers, by an average of £173.
When it comes to the use of funds, 21% said it helped their grandchildren to get onto the property ladder, while 20% said the money went on costs like university fees, or cars (17%). 21% admitted they would help out with more day-to-day expenses like bills, while 19% fund hobbies.
Grandparents were found to view the gifts as a "living inheritance", with 37% saying they wanted to be around to see their grandchildren enjoying the money.
Commenting on the findings, John Perks, Managing Director of Retirement Solutions at LV=, said: "It's heartwarming to see grandparents so willing to help out their grandchildren both day-to-day and with large ticket purchases.
"With one in five using their pension to help out, it's important these kind individuals plan for their retirement and have enough money left for themselves, as even smaller outgoings like bills can become harder to meet later in life, as well as the flexibility to access it."
(JP)
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2.4 Million Grandparents Use Pension To Help Grandkids
A new survey has revealed that 2.4 million grandparents in the UK have dipped into their pension pot – or plan to in the future – to help support their grandchildren.The research, conducted by LV=, found that 25% of grandparents who had already given money to their grandchildren, had taken the funds from their pension in order to do so. An additional 16% of respondents said they planned to do the same once they reach pension age.
On average, grandparents have spent £1,633 on their grandkids, while one in 20 (6%), have handed out gifts of more than £10,000.
Meanwhile, in the coming years, 56% plan to give money away – with the average handout said to be £2,938. Interestingly, grandmothers will give away more money than grandfathers, by an average of £173.
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When it comes to the use of funds, 21% said it helped their grandchildren to get onto the property ladder, while 20% said the money went on costs like university fees, or cars (17%). 21% admitted they would help out with more day-to-day expenses like bills, while 19% fund hobbies.
Grandparents were found to view the gifts as a "living inheritance", with 37% saying they wanted to be around to see their grandchildren enjoying the money.
Commenting on the findings, John Perks, Managing Director of Retirement Solutions at LV=, said: "It's heartwarming to see grandparents so willing to help out their grandchildren both day-to-day and with large ticket purchases.
"With one in five using their pension to help out, it's important these kind individuals plan for their retirement and have enough money left for themselves, as even smaller outgoings like bills can become harder to meet later in life, as well as the flexibility to access it."
(JP)
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