Friday, September 7, 2012

Nearly a third of Grandparents are paying for kids' tuition

This story strikes close to home: A very close friend of my daughter would have defaulted long ago on her student loans, were it not for her grandparents.

Grandparents Investing in Grandchildren

Grandparents Investing in Grandchildren: The MetLife Study on How Grandparents Share Their Time, Values, and Money, conducted in partnership with Generations United, provides a window into the many contributions grandparents make to the lives of their grandchildren in passing down important values as well as providing care and financial assistance even when this support may impact their own financial security.

https://www.metlife.com/mmi/research/grandparents-investing-grandchildren.html#relatedcontent

Key Findings:

Two in 10 grandparents say they are living in a multi-generational household; 30% of those households include grandchildren.
Just over one in 10 grandparents (13%) provides care on a regular basis for at least one grandchild. Of those, 32% are providing care five or more days per week.
Topping the list of very important values grandparents wish to pass down are honesty (88%), good behavior (82%), self-sufficiency (70%), higher education (69%), and good health habits (68%).
The majority (62%) of grandparents have provided financial support or monetary gifts for grandchildren within the past five years. The total average amount provided over the past five years among this group for all grandchildren was $8,289 total, with more than half having given up to $5,000.