May 27 2008
More and more grandparents in the UK are offering financial help to younger generations of their families, it has been revealed.
According to figures compiled by the children savings scheme KidStart, close to a third of grandparents now regularly use their own cash to provide youngsters with pocket money.
Furthermore, over the course of the past 12 months, around 30 per cent of grandparents have contributed to the savings accounts of their children's sons or daughters.
When it comes to adding to a child trust fund (CTF), KidStart's research suggests that male grandparents are currently more likely to be making regular contributions than their female counterparts.
A statement from KidStart read: "At a time when the cost of bringing up a child is on the increase, today's parents are increasingly relying on their own parents to act as an additional financial buffer for their children."
The latest figures from the Tax Incentivised Savings Association show that CTFs opened on behalf of newborn children in the UK are currently being used by around 72 per cent of relevant parents.
