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Generous grandparents are planning to spend an average of £97 on each of their grandchildren this Christmas, according to the latest research from over 50s SunLife.
The research found that one in seven said they planned to spend up to £30, and half up to £60, while 40% said they would spend more than £100 on each child. Those that have just two grandchildren plan to spend the most – £114 on average, vs £76 for those with three or more. Across the UK, grandparents will spend more than £2.4 billion on gifts for their grandchildren this Christmas.
According to the research, grandparents are set to spend the most on the youngest and the oldest of their grandkids. On average they plan to spend £102 on babies (under 1) while on 16- and 17-year-olds, the average planned spent is £91.
Meanwhile, the research shows that grandparents plan to spend the least on their primary school aged grandkids (£87). When it comes to the regional split, it is grandparents in Northern Ireland and Wales that are planning to spend the most.
In Northern Ireland, they plan to spend £144 on each grandchild, that is a total spend of £432. In Wales, the planned spend is lower – £115 – but Welsh grandparents have more to buy for with four grandchildren each on average, so the total spend is higher at £460.
Amongst English grandparents, the planned spend is the lowest, £94 on each, a total spend of £282, while in Scotland, it is slightly higher at £98 so a total spend of £294.
Mark Screeton, CEO at SunLife, said “According to our research, grandparents are planning on spending almost £100 on each of their grandkids this year – a total of almost £300 when you consider the fact that on average, they have three grandchildren each. This is incredibly generous.”