Over-50s saving for their grandchildren

Near two million grandparents continue to save money for their grandchildren despite the recession, according to new research by Saga Savings.

The over-50s financial provider found that 1.8 million (13%) grandparents are setting money aside for future generations.

The main reason cited for saving was to help grandchildren in their adult lives, providing funding for a university degree, career development, or buying their first property.

A further 11% of over-50s are saving money to help their adult children through the turbulent economy.

Nearly half (46%) of over-50s have already given financial help to their adult children when they hit financial difficulties.

“Despite the current climate our research proves that we are still a financially generous nation when saving for those we love,” said Andrew Goodsell, Saga Group chief executive.

“It’s good to know that the prudence and experience of many over 50s has enabled them to support their children and grandchildren who need financial help in these uncertain times.”

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