Grandparents spend up to £122,000 on first born

Grandparents typically spend more than £50,000 on their first grandchild, paying for items ranging from a cot to a family holiday, a survey shows.

Three-quarters of grand- parents said they made a financial contribution towards the cost of raising their grand- children, with the average person spending 50,352 on their first grand-child during the first 18 years of his or her life, according to Yours Magazine. But the spending does not stop there.

A total of 26 per cent of grandparents polled said that they paid for a deposit on their grandchild's first home, handing over an average of 29,000, while 10 per cent pay an average of 6,000 a year in school fees.

Once these figures are included in the total, some grand- parents are shelling out a massive 121,852 on their first grandchild.