New research from over 50s experts SunLife has shows that many parents across the UK are concerned their own parents and in-laws will spend more than they can afford on the grandchildren this Christmas.
The company research reveals that generous grans and granddads are planning to shell out a staggering £104 on each grandchild this Christmas, which, with an average of four grandkids each, is £416 in total, and that one in five grandparents (19%) plan to spend £150 or more on each grandchild – upwards of £600 in total.
But almost half (46%) of parents say they think the amount their parents and in-laws spend is too much. And, while more than half of those who think the grandparents are overspending say ‘it’s their money, they can do what they like’ 14% (6% of all parents surveyed) have real concerns, saying ‘it is too much and I wish they wouldn’t because they can’t afford it’.
And parents may have grounds to be concerned about finances after the comapn’s ‘Over 50s’ research shows that on average, grandparents over 50 have a monthly income of £2,083, and after all essential and non-essential expenses are paid have just £249 ‘left over in spare cash.
The average monthly expenses does account for gifts – £46 a month (£552 across the whole year), but this spending is on kids and grandkids in general, and covers pocket money and clubs as well as birthday and Christmas gifts, so it is likely that £104 each is more than most may have budgeted for.
However, SunLife’s research also shows that ‘family’ is the thing that makes grandparents the happiest, so it is perhaps no surprise that they still want to splash out on their grandkids this Christmas.