Seniors plan to contribute to grandchildrens'education

Though many active living seniors are likely to enjoy all of the things associated with being a grandparent to a young child, like arts and crafts or field trips to new and exciting places, as their grandchildren approach college-age, it seems increasingly likely that grandparents will also begin to contribute financially to their progeny's education.

Seniors plan to contribute to grandchildrens' education

Beccause the financial crunch has reduce the amount of financial aid available to students, a new study suggests that grandparents are likely to step in and provide financial assistance.

They study, conducted by the Hartford Financial Services Group, found that 65 percent of seniors plan to contribute to the college education of their children's children.

Over half of those seniors will give over $10,000 and a quarter of that group will offer more than $30,000 to their family members.

Retirement-age individuals might surprise their children with their generosity, as only 22 percent of parents expected for grandparents to contribute.

Seniors who are able to offset the cost of their grandchildrens' college education might consider seeking the advice of a financial advisor to be sure that they can part with those funds without altering their retirement living plans.

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