British grandparents typically spend more than £50,000 on their first grandchild, paying for items ranging from a cot to a family holiday, a survey indicated yesterday.
Three-quarters of grandparents said they made a financial contribution towards the cost of raising their grandchildren, with the average person spending £50,352 on their first grandchild during the first 18 years of their life, according to Yours Magazine.
But the spending does not stop there, with 26 per cent of grandparents saying they paid for a deposit on their grandchild’s first home, handing over an average of £29,000, while 10 per cent pay an average of £6,000 a year in school fees.
Once these figures are included in the total, some grandparents are shelling out £121,852 on their first grandchild.
Spending on grandchildren starts before they are even born, with 50 per cent of grandparents contributing an average of £100 towards a cot, while 61 per cent gave around £165 towards a pram or buggy and 42 per cent paid for a car seat costing around £125.
Around 95 per cent of grandparents said they regularly bought clothes for their grandchildren, typically spending £5,850 during the first 18 years of their life, with a further £500 going on shoes.
Two-thirds of the 2,500 grandparents questioned said they also still bought clothes for their adult children.
Half of grandparents have bought home furnishings to make the house more comfortable for their grandchild and 44 per cent have spent money making a garden more child-friendly.
On top of this, 54 per cent of grandparents have contributed towards the cost of bikes and scooters, 40 per cent have bought computers and games consoles, 18 per cent have paid for musical instruments and 11 per cent pay for their grandchild’s mobile phone.
Grandparents also give money towards the cost of their grandchildren’s extracurricular activities, with 45 per cent paying for swimming lessons, 50 per cent paying for sports coaching, 22 per cent contributing towards ballet lessons and 18 per cent paying for music lessons.