Grandparents are a special breed. They possess a unique love and devotion to their grandchildren that is unparalleled. According to an AARP study, 96 percent of Americans over the age of 65 are grandparents, and 40 percent are still working. Despite juggling work and other responsibilities, they always seem to make time to shower their grandchildren with affection and support.
From a financial perspective, the survey found that grandparents spend more than $2,500 per grandparent on their grandchildren yearly! On a collective basis, AARP found this group spending more than $179 billion per year on their grandkids.
However, it’s not just about money. The survey also found that grandparents cherish the opportunity to impart wisdom and friendship and lend a friendly ear.
From a caregiver standpoint, the survey suggests that more and more grandparents get to share their values and family stories while babysitting. The study found that one in 10 grandparents lived in the same household and that 5 percent of the grandparents were in the role of primary caregiver. As an aside: survey recipients held their parenting skills in high regard versus today’s parents!
Distance was noted as one of the larger barriers to relationships with grandchildren. Over half of the respondents lived more than 200 miles away from at least one grandchild. To bridge the gap, grandparents were found to be taking trips without the children’s parents. AARP referred to these trips as “skip-gen” vacations. Grandparents were also using technology more often to stay closer to their grandkids. Grandparents are embracing texting, Zoom and other digital means of communication, replacing phone calls from previous studies.
It’s no surprise that grandparents and their grandchildren both get emotionally lifted from their relationships. The survey concluded that “grandkids are the elixir of life.” In speaking with hundreds of proud grandparents over the years, I couldn’t agree more.