Being a grandparent

Being a grandparent can be one of the most joyous stages of life.

In many cases grandparents have more time to enjoy their children’s children, having retired or eased back on their workloads.

Parentlink outlines some of the tremendous gifts grandparents can provide, such as:

• love and support
• sharing the child’s interests
• taking time to have fun with them
• being a good listener, not only giving advice
• supporting the child’s parents
• keeping the family history alive with stories about the past.

There are also material things grandparents can provide. Depending on the situation, a grandparent can help out with education costs, pay for extras that parents can’t afford, or take the grandchildren on special outings or trips that are fun and educational.

The role is anything a grandparent wants to make it, if the relationship with the parents is a healthy one.

Grandparents are the biggest providers of informal childcare in Australia. Mostly this is a mutually beneficial arrangement, where grandparents benefit from the time spent with the children as much as the kids do. But it’s not always a happy story. Increasingly grandparents are pressured to care for children where parents are working or studying, when there’s been a divorce or when parents are unable to care for their children properly.

Centrelink has Grandparent Advisors to support those grandparents with full-time caring responsibility for their grandchildren, who may need access to Centrelink payments and services and referrals. Call 13 61 50.

If you feel you need some support, the Australian Government’s seniors website lists grandparent groups all around the country that could be of assistance.

In some cases you may be in a position to contribute to the financial needs of your grandchildren. This could be something as simple as a few dollars pocket money each week or something more substantial.

If you are in a position to help you may want to consider:

• money to help fund their education
• help to fund their sporting or cultural pursuits
• setting aside money in trust for when they’re older
• direct assistance to help them raise a deposit for a home
• a shared saving scheme where you contribute alongside their savings
• make provisions in your Will.

ANZ has a range of products and services that can assist if you’d like to help your grandchildren or just to ensure you are making the most of your own finances to enable you to do the little things with your grandchildren, which can be such fun.

An A-Z Review^® – sitting down with one of our professional personal bankers could help ensure your banking is structured to meet your needs and help you reach your goals sooner. Request an A-Z Review^®.

ANZ Progress Saver – pays bonus interest1 if you when you make one deposit of $10 or more in a month and no withdrawals or debits in that month. It also provides branch access.

An ANZ Financial Planner – could make assisting your grandchildren now and in the future much easier. They can help you with your investments and savings needs. Your initial discussion is complimentary and without obligation. Speak to an ANZ Financial Planner.