Grandparents with their grandchildren. Getty Images

Grandparents are a generous bunch when it comes to their big bundles of joy. At 70 million strong — up 24% from 56 million in 2001 — the group spends a collective $179 billion on their grandkids annually, according to new research from AARP. The average spent is $2,562. Some grandparents, though, are shelling out far more on their grandchildren's education costs alone, with 21%, or about 14.7 million, providing an average $4,075 annually. About 7%, or 4.9 million grandparents, have taken on credit card debt or co-signed private student loans to help pay for college. The study, which includes a survey of more than 2,600 grandparents, takes a broad look at the relationship between them and their grandkids. It shows that the youngest grandparents are about age 38, and most adults — 96% — are in that role by age 65. The average age to become a grandparent is 50, up from 48 in 2011.

Spending on grandchildren Category Share who spend Average annual amount Gifts 86% $805 Vacations 26% $1746 School/college tuition 21% $4075 Day-to-day expenses 14% $1491 Weekly monthly or yearly allowance 8% $1086 Major expenses 5% $4033 Other 5% $1273

While the nation's $1.56 trillion student loan debt is shouldered largely by millennials, Federal Reserve data shows that in 2018, Americans over age 50 owed more than $260 billion in student loans, up from $36 billion in 2004. The AARP research shows that among survey respondents — 40% of whom work either full time or part time — the amount put toward college costs ranged from below $1,000 to $90,000 annually (most grandparents have, on average, four to five grandkids, the study shows). Certified financial planner Ronald Myers said that when clients want to help with a grandchild's college costs, he makes sure any gift would have little impact on their income in the future.