Grandparents shelling out cash for grandkids

Much is written about the huge amounts of money paid out by parents during their children’s lifetime.

But, according to new research by M&S Money, UK grandparents are shelling out an average of £6165 in cash or gifts for each grandchild during the first 18 years of their lives.

More than one in five grandparents spend more than £50 on Christmas gifts per grandchild and 11 per cent spend even more at birthdays.

A 20 per cent of grandparents admit spending more on their grandchildren than they ever did on their own kids.

During a grandchild’s first year, grandparents are also helping to pick up the tab on baby equipment, including an average £74 on the pram, £52 on a cot and £45 on toys.