Grandparents are twice as likely to offer millennials financial support as parents, research from OneFamily has found.
Currently 13% of grandparents provide regulator financial support to adult grandchildren compared to 7% of children’s parents.
Two in five (42%) grandparents worry about their ancestors’ financial future, as one in 10 (10%) has gifted a significant lump sum – typically around £15,000.
Georgina Smith, managing director of Lifetime Mortgages at OneFamily, said: “For many throughout the UK, grandparents are seen to be the backbone of family life, supporting family members whenever they can, be it financially or by giving up their time for childcare and generally helping out busy working families.
“We expect parents to provide their children with support, but our research highlights just how important the contributions of grandparents are. As the cost of living squeeze continues and buying a property feel more unachievable for members of the younger generation, it seems the nation’s nans and grandads are stepping in.”