According to a new survey conducted by Legal & General Home Finance (LGHF), 79% of grandparents in the UK have provided financial support to their grandchildren.
Additionally, 8% of grandparents have used the value of their homes to provide this support. The survey also revealed that younger grandparents aged between 50-64 are twice as likely to use property wealth to gift to their grandchildren, compared to those aged 65-74.
The research identified a range of reasons why grandparents are providing financial support to their grandchildren, including help with day-to-day costs and contributing to big-ticket spends such as holidays or weddings.
Grandparents are also helping younger family members with their homes, either to get onto the property ladder or to provide support for rent.
Of the grandparents surveyed, those in London were found to be the most likely to use property wealth to gift to their grandchildren, possibly due to the region’s higher than average property values.
Craig Brown, CEO of LGHF, said: “For some, a lifetime mortgage will provide a practical solution to accessing the wealth found in their home but we also know that, where financial support isn’t possible, extended family are often providing help in other ways, such as unpaid childcare or allowing adult children to move in to help them save for a home of their own.”
