Almost two-thirds of America’s grandparents provided financial support to their grandchildren during the last five years, 40% for general purposes and 26% for education, according to the MetLife Mature Market Institute.This is press release and here is the full report.
The research indicates that those with less income and net worth are giving a higher percentage than they did before the economic downturn - and some of them are feeling the pinch, with more than 20% reporting that their generosity has had a negative impact on their own financial picture.
My findings in the UK show a similar picture.
If you ever needed evidence that the financial dynamic between grandparent and grandchild is important than this research provides it. Dick Stroud
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