According to a study of 1,000 Australian seniors aged 55 to 75 with grandchildren up to 17 years’ old, 88 per cent of grandparents believe family is their number one priority.
For retired grandparents, this means spending an average $402.40 on their grandchildren a month, according to the Nickelodeon Australia study.
Most of this money is on presents, food and drink, toys, clothes and day trips.
“Grandparents take their role and responsibilities in the family very seriously, particularly as more and more are caring for their grandchildren on a regular basis,” said Kirsty Bloore, vice president of research for Asia-Pacific at Viacom International Media Networks, Nickelodeon’s parent company.
“This is resulting in stronger bonds between grandparents and grandchildren, but it also has an impact on grandparents’ time and money. Ultimately, the reward is more time spent together and, perhaps, the permission to indulge and spoil their grandkids.”
One-third of all grandparents said they help with the costs of raising their grandchildren. Three-quarters of grandparents who provide care on a daily basis are spending money on care.
Forty per cent of grandparents said they make sacrifices to look after their grandkids, with 20 per cent admitting it can come at a financial cost.
However, only 10 per cent said caregiving had actually had an impact on their original retirement plans.
At the same time, however, 80 per cent said being a grandparent has altered their lifestyle, while more than half who provide regular care find the duty physically demanding.
Speaking about their grandchildren in general, 65 per cent of respondents believe kids are too spoiled. However, more than 50 per cent admit to spoiling the children themselves.