According to a recent MetLife Mature Market Institute report, 62% of grandparents have provided financial support or monetary gifts to their grandchildren in the last five years.
On average, grandparents spent $23,068 for investments, $8,276 for education, and $6,742 for a down payment on a grandchild’s home. When asked why they are providing financial support, 43% of grandparents surveyed stated it was due to the country’s economic downturn. One-third of grandparents stated that they are giving financial support to their grandchildren even though they think it is hurting their own financial security.
