HOW MUCH ARE YOUR GRANDCHILDREN COSTING YOU?
Although Millennials are waiting to have children until they're a little older (and more financially secure), a new study from TD Ameritrade reveals they're still receiving quite a bit of help from their parents, both financially and otherwise.
The study reveals that, on average, grandparents spend US$2,383 per year on such things as toys (58%), clothing (55%), non-cash gifts (39%), cash gifts (42%) and school expenses (27%). On top of that, over half of Millennials said their parents provide at least one hour of child care or help running the household per week, with many saying their parents go all-out-spending 48 hours helping out per week.
The study cites stagnant Millennial incomes and exorbitant student debt as potential reasons for this trend. What do you think?