Grandparents Spend an Average of $2,562 a Year on Their Grandchildren

Grandparents spend an average of $2,562 per year on their grandchildren, finds an AARP report.

The study also found 79 percent of grandparents do not consider themselves a financial supporter, yet 94 percent of them provide some sort of financial support. The majority of grandparents are spending money on gifts, with an annual average of $805 on gifts. 11 percent of grandparents have grandchildren living with them.

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