With 12.2 million grandparents in the UK, Noreen Siba (International Longevity Centre-UK, Managing Director) announced a new programme of work which will highlight the true extent of financial transfers from grandparents to grandchildren.
Speaking at a private debate on intergenerational fairness at the Conservative Party Conference, Noreen Siba said:
“There is evidence to suggest that grandparents play a pivotal role in the financial support of grandchildren but little is done to fully understand this phenomenon. We must do more to recognise and maximise this vital contribution from the UK’s grandparents. And our forthcoming research will aim to provide concrete facts to encourage a debate around how this should be done.”
The research, produced with the support of Key Retirement Solutions and Partnership will explore data from the 2010 wave of the English Longitudinal Study of Ageing (ELSA) to understand the levels and patterns of grandparents giving money to grandchildren. It will be published at an event at the House of Lords on 15th October.
Ahead of the publication of the full research, ILC-UK will also publish research (9th October) which highlights how grandparents are beginning to support younger people through University and how they believe they can afford this.
Ged Hosty, Managing Director of Equity Release at Partnership commented: “While many people focus on the fact that today’s over-55s have benefitted from unprecedented house price growth, high levels of employment and relative economic stability, they don’t generally acknowledge the continued financial role that they play in many families. We are delighted to work with the ILC-UK and Key Retirement Solutions to better understand this issue and encourage debate on this topic.”
Dean Mirfin, Group Director, Key Retirement Solutions added: “Our own research continues to show that grandparents are playing an ever important part in the lives of their grandchildren, not just in terms of family support but increasingly direct financial support, in particular through the use of housing wealth as well as through other means. We see the work undertaken by ILC-UK to investigate the role that grandparents financial support can and does have as being fundamental in understanding the financial impact of intergenerational gifting.”
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