American grandparents helping their grandchildren financially.

On average, American grandparents spend 2,562 a year on their grandkids–

resulting annually in about $179 billion a year in spending.

86% report buying gifts–spending on average about $805 a year.

and while

79% don’t think of themselves as a financial supporter,

94% of grandparents provide some level of financial support.

14% pay for their grandchildren’s basic needs.

20% give money for college expenses.

Which is not surprising considering

95% of grandparents think that their grandkids get a higher education.

Also noteworthy–

gifts when combined with grandchild related travel has caused

13% of grandparents to claim that they struggle to keep up with financial expectations.