Grandparents Survey on Spending

I read an interesting survey today that Liberty Reverse Mortgage completed recently. The survey was done on grandparents and the purpose was to examine the amount of money grandparents spend n their grandchildren, what it is they spend these funds to purchase, and whether they feel they are spending all they are spending all they want or can on their grandchildren.

Now this blog entry is not an endorsement for grandparents to spend, spend, spend. Please don’t misunderstand my intentions here. I personally think we probably spend too much on grandchildren as a country, but that is a whole other topic.

Here are some of the results of what they found:

  • Grandparents who have mortgages spend a lot less than those that do not on their grandchildren.
  • Grandparents who have borrowed or taken out a loan (since they became grandparents) spend less than those who have not on their grandchildren.
  • The highest percent (92.4%) spend on presents, and the lowest percent (10.4%) spend on travel and vacations.
  • The great majority of respondents (91.6%) own their homes.

For the entire report, please click on the following link: http://www.libertyreverse.com/images/upload/gci2007_executive_summary.pdf.

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