Grandparents funding grandkids’ education despite retirement savings challenge
With the substantial figure of $641,000 now needed for a comfortable retirement, a third of Australian grandparents are now also financially supporting their grandchildren’s education.
Despite their own retirement budget constraints, 23% of those grandparents are tapping into their pensions to support their grandkids’ schooling. “A very sizeable quarter of them are also dipping into their pension,” explained Ashely Fell from McCrindle.
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