Most grandparents would consider investments for grandkids, study shows

Thu, 25 Jan 2007

A new study has found that the majority of grandparents would consider putting investments aside for their grandchildren, it has been revealed.

Research from The Children's Mutual indicates that 85 per cent of the older generation would be interested in financing advice to help younger members of their families.

And the financial services provider points out that putting £3,000 away every year in a long-term savings bond could give their grandchildren a lump sum of £78,700 by the time they turn 18 years old.

Alternatively, grandparents may wish to consider putting money into a child trust fund savings account.

These savings accounts allow people to invest money in either a cash or share-based option, which can be accessed when the account matures on the child's 18th birthday.

David White, chief executive of The Children's Mutual, explained the financing issues faced by many grandparents who want to avoid inheritance tax and help their grandkids.

"There is no doubt that many grandparents want to save for their grandchildren but have different requirements to parents and may want to do so separately," he said.

"For many grandparents it is also important to retain a level of control over the money."

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