Parents know how expensive it is to raise kids, and our bank accounts constantly remind us. But moms and dads may not be adding up how much grandparents are contributing. Sure, we see the gifts they send their grandkids and how they pay for meals when we’re together, but new research reveals the jaw-dropping amount of money they’re spending on their grandchildren.
The Senior List polled 12-hundred grandparents and found:
- On average, grandmas and grandpas are shelling out almost $4-thousand a year on their grandkids.
- But 10% are spending $10-thousand or more on them.
- Contributing like that can be a financial burden, as 63% of grandparents admit they make monetary sacrifices for their grandkids’ happiness.
- Another 26% live more conservatively in order to help support their grandchildren.
- But 10% are going into debt or delaying their retirement in order to give money to help raise their grandkids.
- While many give willingly, one in five confess to feeling pressured to give more money to their kids’ kids than they can afford.
- Overall, 96% of grandparents contribute to their grandkids in one way or another, from helping to pay for daily expenses to putting money in their college funds.
- And 16% of nanas and granddads have at least one grandchild living with them.
Source: Parents