26 June 2009
Many of the country's grandparents are putting money aside for their grandchildren so they have a nest egg later in life, statistics have revealed.
A fifth of grandparents are saving £400 or more a year to provide for them, a study from Saga found, while one in ten are putting money aside for their adult children.
"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," commented Andrew Goodsell, Chief Executive of the Saga Group.
Of those questioned, 70% said they have provided financial help to their children over the last five years and 15% have helped fund treats for their grandchildren.
A recent study from Saga found that the happiest retirees live in the country as opposed to urban areas.