Grandparents in the UK spend a massive £2,697 on their grandchildren —and £325 of that is on Christmas presents alone, according to research.
A survey of 2,000 people by SunLife Insurance found that the average British grandparent has four grandchildren and is set to spend £81 on each of them, totalling £324. This is more than three times what they will spend on their partner’s Christmas present – about £95 average.
But despite the spend, almost one in 10 (8%) of long-suffering grandparents say they never seem to get it right, while almost 5% feel their grandchildren can be ungrateful.
And 36% admitted they feel under huge pressure to get the best possible gifts for their grandchildren.
Regardless, 55% say they love watching their grandchildren open their presents at Christmas.
Regionally, Glaswegian grandparents spend an incredible £139 on each grandchild at Christmas, compared to Bristolian grandmas and grandpas, who only spend £60.
The study also found grandparents shell out £452 on food and drink, £361 on entertainment, such as cinema tickets and outings, £532 on cash gifts and payments to their grandparents’ savings accounts throughout the year.
About £386 is doled out on clothes, and a further £514 on educational extras like music lessons.
The nations grandparents will also fork out £128 on travel costs associated with their grandchildren.
In fact, 7% percent of British grandparent’s income goes towards their grandchildren.
What’s more, grandparents said they spend about 14 and a half hours a month babysitting their children’s children, which saves parents more than £1,500 a year.
However, the vast majority – an overwhelming 98% – of grandparents said they appreciate any time at all with the youngsters, and 94% do not resent any expense at all.
However, 16% said it is more work than they imagined it would be, and one in 10 admitted they have had rows about the effort they have put into it.