Millions of UK grandparents are choosing to forego holidays in order to save money for their grandchildren, according to a recent survey. The poll, commissioned by cruise company Ambassador Cruise Line, revealed that one in seven grandparents (16%) are sacrificing their vacations to financially support their youngest family members.
In addition to skipping holidays, the survey found that grandparents are making other sacrifices to pass on more cash to their grandchildren. This includes holding back on socialising with friends (12%) and even resorting to remortgaging their homes (8%) to provide financial assistance.
The survey also highlighted that 40% of people in the UK have turned to their grandparents for financial support. Furthermore, grandparents who dedicate time to looking after their grandchildren spend an average of 24.6 hours on childcare per month, although 38% of them receive nothing in return.
Ambassador Cruise Line has initiated a campaign calling for Grandparents’ Day to receive the same recognition as Mother’s Day and Father’s Day, emphasizing the crucial role grandparents play in families. Christian Verhounig, the company’s chief executive, expressed admiration for grandparents, acknowledging them as the pillars of the family and underscoring the importance of recognising and supporting them.
Verhounig stated, “Grandparents offer valuable wisdom, comfort, and lessons to the younger generation, as well as support in times of need. We are proud to champion this amazing generation.”
The survey, involving 2,100 UK adults, was conducted by research company Mortar Research in September. With grandparents stepping up to provide financial and emotional support to their grandchildren, their role in the family dynamic is being increasingly acknowledged and celebrated.