Financial transfers from grandparents to grandchildren

Region
  • UK

11th December 2013, ILC-UK

ILC-UK

England’s ageing population has resulted in grandparents playing an increasingly important role in the lives of their grandchildren. Exploring the dynamics of these relationships is crucial in order to create a complete understanding of various behaviours across the life course.

This report explores new research on the levels and patterns of financial support from grandparents found in the 2010 wave of the English Longitudinal Study on Ageing (ELSA).

The new research carried out by the International Longevity Centre-UK (ILC-UK), and supported by Key Retirement Solutions and Partnership, highlights how grandparents are playing a vital role in supporting the financial wellbeing of future generations.

Headline findings of the research include:

  • One-fifth of grandparents in England aged 50+ gave money to grandchildren – totalling over £647 million in 2010
  • Across England, grandparents gave a cumulative total of almost £333.8 million to their grandchildren in 2010. Contributions to Child Trust Funds were of a similar amount, at £313.8 million in total.