Sixty-two percent of grandparents have provided supplementalfinancial support to their grandchildren over the past five years,mostly for education and investments and at an average cost of$8,289 according to a recent study.

The study, “Grandparents Investing in Grandchildren: The MetLifeStudy on How Grandparents Share Their Time. Values and Money”, wasconducted by the MetLife Mature Market Institute in conjunctionwith Generations United, a multi-generational advocacyorganization.

Like most other unorthodox financial situations in the countrytoday, depending on one's grandparents for support is due to theenduring effects of the economic collapse four years ago coupledwith medical advances that allow people to live longer.

Grandparents surveyed said that it was important that theirgrandchildren maintain their standard of living and 67% areoptimistic that their grandchildren will live at least as well asthey have. The 33% that have a dourer outlook chalk it up toexternal factors such as the economy, government and society.

The study found that many Americans are feeling weighted-down bythe crawling economic recovery and high unemployment numbers thathover, seemingly stagnant, at around 8%. With nowhere else to turnAmericans are looking to theirgrandparents to act as a financial safety net, sometimes at theperil of their own financial health.

This article was originally posted at LifeHealthPro.com, a sistersite of Credit Union Times.