Grandparents pass on financial skills

Children and grandchildren have a good reason to say thank you this grandparent's day.  Whether that's for all the free childcare or the good guidance and life skills they have learned from their grandparents. 

Research by Saga Life Insurance shows that almost half of grandparents (44%) help out with the school run and 41% say they provide childcare for their grandchildren during the school holidays, whilst many will also provide childcare at other times. 1 in 10 even said they look after their great grandchildren with 18% spending weekly active time with them.
 
9 out of 10 grandparents consciously try and pass on their values to their family, whilst a quarter of grandparents say they teach their grandchildren a range of valuable skills and talents.  These include passing on good manners, teaching them to cook or bake, teaching them games and passing on green fingered gardening skills.
 
Half of grandparents have taught their grandchildren the same things that their grandparents taught them, with a further one in three intending to in the future, so their skills will span three generations.
 
Grandparents in the North East are the most likely to pass on skills to their grandchildren, with two fifths claiming to have done so already (57%). Whereas as grandparents in London are the least likely to share skills that have been passed down through the family (40%).
 
Those with time on their hands are keen to spend it teaching their grandchildren skills. Half of retired people say they have passed on their skills to their grandchildren, compared to two fifths of people who are still working.
 
Roger Ramsden, chief executive, Saga Services commented: "Not only are grandparents often providing childcare, but they are also teaching them skills that they can use for life. Whilst nothing can replace this emotional support and the teaching of life skills such as learning about money or doing a bit of DIY, there is also the financial impact of losing a grandparent. Taking out life insurance cover can help to ease the financial burden that would hit families when they have lost some or all of that support including childcare."
 
Saga offers a range of Life Insurance products that can help over 50s look after their families if they aren't around to do so.

For more information, visit saga.co.uk.