Your Insights

For parents and grandparents who want to give the next generation a leg up in life, providing funding for education costs is typically a high priority. But it’s not getting any cheaper. According to the National Center for Education Statistics, the cost to obtain a degree at a public four-year institution has nearly tripled since 1980.

Whether you’ve been a grandparent for a single day or two decades, you’ve probably already realized that there’s not much you wouldn’t do to help your grandchild. Especially for those with significant means, making informed decisions about how much and what type of help is most beneficial for a grandchild involves thoughtful planning, good communication, and careful consideration of financial, tax, and other implications.

A 2022 study by insurer Northwestern Mutual reveals some interesting interrelationships between attitudes and habits toward finance and general wellness. Conducted by the Harris polling organization, the survey asked 2,500 respondents age 18 or older a series of questions regarding their feelings about finances and also about key indicators of emotional wellness. What researchers found was that those who viewed themselves as financially disciplined or who worked with a professional financial planner reported significantly better levels of happiness and confidence. They also indicated enjoying better sleep.