Grandparents 'should give money'

10/12/2008

Grandparents should add money to their grandchildren's savings accounts this Christmas, one expert has advised.

Instead of spending money on presents that will be enjoyed over the short-term, grandparents should consider a small gift alongside an investment.

This is the view of Family Investments, which has suggested that parents would much prefer their own parents to contribute to savings accounts at Christmas.

With grandparents spending between £25 and £50 on presents for each grandchild, a savings contribution would be a "lasting and welcome legacy".

Kate Baker, head of savings and investments at Family Investments, advised: "My message to well-meaning grandparents, would be to talk to the parents of your grandchildren and ask them what they would prefer."

"In our experience, parents feel that the grandparent's already do enough for the children or they don't feel comfortable raising the subject of money."

These comments follow research from Prudential which revealed that the majority of Britons will be spending Christmas with their parents or grandparents.

Tags; Retirement Money Problems,

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