Saga: Around 1.8m saving for their grandchildren
www.moneynews.co.uk > General finance > Saga: Around 1.8m saving for their grandchildren
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Saga: Around 1.8m saving for their grandchildren
Fri 26th Jun 2009
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Research conducted by Saga Insurance has found that 13 per cent - or 1.8 million individuals - are saving for their grandchildren, with one-fifth saving putting away £400 plus annually.
If these doting grandparents continue in the same vein and access an account offering an average gross interest rate of 3.5 per cent, the lucky children could find themselves with £10,000 when they reach the age of 18.
"It's good to know that the prudence and experience of many over 50s has enabled them to support their children and grandchildren who need financial help in these uncertain times," said Andrew Goodsell, chief executive of Saga.
Meanwhile, increasing numbers of retirees are working through their twilight years to subsidise their incomes, according to research from Key Retirement Solutions.
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Related News : Saga |
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