Gifts, cash, loans… How do retirees help their families?

When everything is going well you can count on others, when everything is going badly you can only count on your family“. This Chinese proverb states a truth dear to the hearts of many grandfathers and grandmothers. Indeed, the deans are often the guarantors of the family spirit. Retirees, even if they are not always rolling in gold, are very often ready to do anything to help their children and grandchildren.

An OpinionWay survey for CARAC published in June 2022 looked at the family and financial support that unites retirees with their children. This survey was carried out on a sample of 1,006 retired people aged 55 to 75 representative of the French population.

We thus learn that only 3% of those questioned received financial assistance from their child or another family member. However, many more of them come to the aid of their families.

Many retirees help different family members. Thus, among those interviewed, 67% claim to help financially to one or more of their children. More specifically, they are 11% do so almost every month.

After the children, the other members of the family circle who benefit the most from this assistance are the grandchildren since 43% of retirees provide them with one. Likewise, 23% of retirees give money to their partner’s children.

The survey also looked at how much people gave to their families.

Retirees: how much do they give to their families?

The survey also looked at the amount of financial aid that pensioners distribute to their families. Thus, they give on average 211 euros per month to one or more of their children. For grandchildren, this amount is 87 euros. In total, the respondents help their family members financially to the tune of 182 euros per month, on average.

Asked about the amount donated over the past 12 months, respondents said they spent, on average, 1,529 euros for their children, 668 euros for their grandchildren and 371 euros for the child or children of their partner. Overall, OpinionWay establishes that the retirees have dedicated in 1 year 1,718 euros on average to their family.

But in what form is this money distributed?

Pensioners: how do they help their family members?

These financial aids provided by the deans can take different forms and are not always checks or cash donations. Thus, people who provide help to at least one member of their family have revealed the form that this took.

In 57% of cases, it is by giving gifts that retirees provide financial assistance. Here are the other forms of help they provide:

  • of the species in 52% of responses.
  • Clothing purchases in 31% of cases
  • donations in 26% of cases
  • food purchases in 23% of cases
  • By financingactivities or hobbies in 19% of cases
  • By paying money into a savings contract in 13% of cases
  • By offering trips or vacations in 13% of cases
  • By providing bank loans in 5% of cases.

Gifts, cash, loans… How do retirees help their families?