Jan
31
2011
Many grandparents 'becoming silver savers'
Posted by Sarah Putt
People with umbrella companies have been told that 'silver savers' put away about £1,000 a year for their grandchildren.
This could work out at up to £20,000 being built up by grandparents in nest eggs, according to research by C&G Savings.
With 27 per cent of elders getting into this habit from the time when their grandchild is born, a total of £19,692 could be saved by the time they reach 18 years old, which could then help them to pursue a sought-after career, such as a venture as a company umbrella contractor.
The 'silver saver' method is most common with grandparents over 65, with 37 per cent in this age range choosing to save for this purpose.
Emma Hunter, head of savings products at C&G, commented: "This not only provides a good nest egg for many children as they embark upon their adult life, but also demonstrates to the children the benefits of established savings habits."
Meanwhile, Engage Mutual has recently found that 44 per cent of Brits over 50 years old are most content with their lives when in this age bracket, with good health and being in a positive financial position two reasons for this feeling.
People with umbrella companies have been told that 'silver savers' put away about £1,000 a year for their grandchildren.
This could work out at up to £20,000 being built up by grandparents in nest eggs, according to research by C&G Savings.
With 27 per cent of elders getting into this habit from the time when their grandchild is born, a total of £19,692 could be saved by the time they reach 18 years old, which could then help them to pursue a sought-after career, such as a venture as a company umbrella contractor.
The 'silver saver' method is most common with grandparents over 65, with 37 per cent in this age range choosing to save for this purpose.
Emma Hunter, head of savings products at C&G, commented: "This not only provides a good nest egg for many children as they embark upon their adult life, but also demonstrates to the children the benefits of established savings habits."
Meanwhile, Engage Mutual has recently found that 44 per cent of Brits over 50 years old are most content with their lives when in this age bracket, with good health and being in a positive financial position two reasons for this feeling.