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Many of the country’s grandparents are putting money aside for their grandchildren to help give them a secure financial future, research has shown.

According to Saga, 13 per cent are making such contributions, equating to around 1.8 million grandparents throughout the UK.

"It’s good to know that the prudence and experience of many over-50s has enabled them to support their children and grandchildren who need financial help in these uncertain times," commented Andrew Goodsell, chief executive of the Saga Group.

Over half (54 per cent) of those questioned said they put the money away to help them fund their adult lives, which may include university fees and career development.

More grandfathers than grandmothers are putting their cash towards helping out their relatives, as the findings also reveal that some even still fund their adult children.

Recent findings from NS&I showed that on average, Britons are setting aside £92.41 each month, up from £90.12 in winter 2008/09.

The number of people saving regularly has also remained constant for the fifth quarter in a row, with nearly half of the population setting some money aside each month, it also said.

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