In 2009, grandparents in the U.S. spent an estimated $52 billion on their grandchildren according to a recent study by Peter Francese, founder of American Demographics. On which of the following did they spend the most for their grandchildren?
In 2009, grandparents in the U.S. spent more on their grandchildrens’ education ($16.9 billion) than on clothes, toys, or baby items. Grandparents spent $10.3 billion on clothes, $5.8 billion on toys, and $2.8 billion on baby items for their grandchildren. Since 2000, spending on grandchildren has increased at twice the annual rate of overall consumer spending.
And, grandparents’ generosity does not end with their grandchildren. In 2009, grandparents accounted for 45 percent of all cash contributions to nonprofit organizations in the U.S.