A little more than 70 per cent of the 2,424 grandparents who responded to a recent Carrick on Money survey said they are providing financial help to grandchildren
Boomers did well in the housing market, and they’ve had the opportunity to clock some big gains in the stock market. We’ve heard a lot about how this wealth is finding its way into. Just over 16 per cent said they helped because their grandkids need it, while 56 per cent said they did it because they had the money and wanted to help.
Grandparents were asked what type of financial help they provided – here are the most common responses:– 34 said they bought toys– 16 per cent said they paid for summer camp– 13 per cent helped with child care costsThe generosity of grandparents is apparent in the number of grandchildren they’re helping. Just 17 per cent said they had one grandkid, while 28 per cent said they had two and 16 per cent said three and the rest had four or more.
A small slice of survey respondents were from the silent generation – those older than boomers. But almost 40 per cent were aged 60 to 69 and another 46 per cent were aged 70 to 79. The oldest boomers were born in 1946, which makes them 78. Almost nine in 10 survey participants described their financial situation as comfortable or very comfortable, while 11 per cent said they had concerns but are generally fine. A bit over 0.5 per cent said their finances were shaky or worse.Are you reading this newsletter on the web or did someone forward the e-mail version to you? If so, you can sign up for Carrick on MoneyThere were signs that home sales are perking up in October, but the overall sentiment is still subdued.
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