More grandparents supporting their grandchildren with time and money

That often strongest of inter-generational family bonds - the one between grandparents and grandchildren - is gaining ever more practical and emotional currency in modern families with grandparents being dubbed the generous generation by giving more of both their time and their money to help their families.

Grandparents are making the most of their post-work lives to spend quality time with their grandchildren. And alongside this, the bank of grandma and grandad remains highly active, with grandparents willingly choosing to help save for - and fund - cash-strapped younger family members., with more than a quarter saving more than £50 per month. 

In fact when it comes to helping younger family member get off to the right start, one in seven grandparents are saving more than £100 per month for their grandchildren’s future. 

Unshackled from the demands of the daily grind of work, an increasing number of grandparents are using that precious post-retirement commodity - extra time - to embrace spending more time looking after their grandchildren and great-grandchildren. According to the latest Saga Populus poll of more than 10,000 UK over 50s a third of grandparents look after their grandchildren regularly throughout the week with one in 10 doing so on almost a daily basis.

This reshaping of family dynamics is borne to some degree out of necessity. Grandparents are stepping in to bridge a generation gap in greater numbers, slotting in to a semi-surrogate parenting role, devoting extra days and hours to look after grandchildren. This is while their own sons and daughters (the parents) strike an ever-finer balancing act of juggling the time demands of the modern workplace with traditional parenting roles, against a backdrop of tighter household budgets.

Alex Edmans, Head of Product, Saga Money, commented: “Modern family life means that people rely on Grandparents more than ever before.  Whether it’s helping with childcare when parents are at work or providing a financial boost at significant moments such as starting out in higher education or buying their first home.  Grandparents are generous with their time and money and relish spending time with their family, they also enjoy helping them financially towards achieving their goals.”