Generous grandparents maintain their spending this Christmas

Wednesday 1 December 2010

Generous grandparents maintain their spending this Christmas

  • 36% of grandparents spend at least £50 on each grandchild
  • Saga Home Insurance contents cover increases by 10%
  • Saga Motor Insurance personal belongings cover doubles to £2,000

Generous grandparents are not letting the economic pinch affect their grandchildren’s Christmas this year. A Saga Insurance survey of more than 13,512 over 50s shows that over a third plan to spend at least £50 on each of their Grandchildren and 53% will spend at least the same on their own children*.

With the average grandparent having two children and four grandchildren, this could add up to a £300 spend on presents before you take into account spending on parents, partners and extended family and friends. This compares to a total spend on presents of £435 in 2009**.

Younger grandparents are even more generous with one in 10 55-59 year olds saying they plan to spend at least £100 on each grandchild and 33% will spend the same on each of their children.

Ros Altmann, Director-General, Saga Group commented: “Obviously family is very important to the Babyboomers and the generosity of parents and grandparents over 50 in these tough financial times is incredible. We urge people to make sure the gifts they buy over the next few weeks are out of sight of potential thieves, and ensure that home windows and doors are secure.”

To give peace of mind to these generous parents and grandparents Saga is offering customers a 10% increase in Home Insurance contents cover for the month of December and Saga Motor Insurance will be doubling it’s personal belongings cover to £2000 to cover the gifts you buy and receive for the same period.

For further press information, please contact the Saga Press Office on 01303 771529


Editors Notes

* Research conducted via the Saga Populus panel amongst 13,512 adults over 50 between 12th – 18th November 2010-11-30

**The research was carried on behalf of Saga Insurance by Opinium Research. A nationally representative sample of 2,008 GB adults were questioned online between 28th and 31st October 2009.

The information contained in our press releases is intended solely for journalists and should not be used by consumers to make financial decisions.

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