According to the Money Magazine (May 08), the results of a study show that more than 50% of grandparents think it is important to invest in the future of their grandchildren. Results show that in average grandparents save $3150 for their first grandchild and $1350 for the second.
Now the magazine goes on to say that grandma loves the first born more than the second born. However, being a newly parent of two I understand that with increasing families the amount you can save for each child diminishes. We have been blessed with generous grandparents on both sides. My mom may not have much money but she has time and love to devote to her grandchildren. On his side, they have already contributed equally to both children’s 529 accounts.