A significant proportion of family holidays are paid for by grandparents, according to research from a leading insurer.
Grandparents are increasingly paying for family breaks, according to new research by Gnu Insurance.
The insurer polled 1,000 over-50s and found that 43 per cent of
people in this age group have paid for their children and grandchildren
to go on holiday at some point.
Nearly one in four grandparents said they paid for a family holiday
every year, while 56 per cent dip into their savings once every two
The survey suggests that grandparents will collectively spend more
than £2 billion on family breaks this year, accounting for nearly
one-tenth of the nation's outlay on holidays.
Paul Thilo, general manager at Gnu Insurance, remarked: "The over-50s
have more spending power than ever before when it comes to holidays.
"Not only are retirees making the most of their freedom by travelling
more, they are also responsible for funding a lot of family holidays,
for all generations."
However, grandparents may become less generous with their savings in
future, as figures show that older age groups are currently suffering
the highest rates of inflation.