Grandparents cut back spending
Millions of grandparents are having to cut back on their spending in order to help fund their grandchildren, research showed yesterday.
Grandparents spend an average of 188 on each of their grandchildren every year, adding up to around 800 annually for the typical person with four grandchildren.
But 42 per cent of people said they were being forced to cut back on luxuries themselves to provide for their grandchildren, according to grandparenting website BeGrand.net.
Nearly a quarter of grandparents also said they felt under pressure to help provide for their grandchildren, while 21 per cent admitted doing so was putting a significant strain on their finances.