GEN023 A different way to help the grandkids (453 words)

With many grandparents wanting to help their families financially, particularly in the area of school fees, this article discusses two ways this could be done. It uses a case study to explain the potential financial differences.

Many grandparents want to give their grandchildren a head start in life, and a common way to do so is to help by paying some (or all) of their school fees. This can, of course, simply be done by making a contribution at the time the fees are payable. However, it’s not unusual for grandparents to plan ahead by setting funds aside in a specific account. That is one option, but there might be a better one.