A few days ago, I wrote about a 2011 MetLife survey on boomer parent's spending habits vis a vis their grown children. (Long story short: Most of us want to help our adult children with college tuition; fewer want to help them buy a house.)
There's also a 2009 MetLife survey on how grandparents feel about spending money on their grandchildren. The 2011 survey already covered the college tuition question for grandchildren--most of us say, 'no way.' But this survey has more specific questions.
How do we feel about financial assistance or monetary gifts for grandchildren? Two out of three of us give our grandchildren money; The average amount in the five years leading up to 2009: $8,700.
Why did we do it? The reasons most cited were general financial support, education, and major life events.
Do we want to give them gifts while we're still here or leave them a lump-sum legacy once we're gone? Nearly 80 percent of us would rather distribute smaller gifts. Nothing beats seeing them enjoy an indulgence or appreciate real-world help.
Has the Great Recession and its aftermath made us more generous toward our Grandkin? One in four of us report we are providing more assistance than in the past, due to the current economy.
Do we give advice along with the money? Not so much. More than two-thirds of grandparents report that they are not providing any financial advice or guidance to their grandchildren. Among those who are talking to their grandchildren about financial issues, the most common advice is “start saving early in life,” and “don’t get into too much debt.”
Isn't that what our grandparents told us?
