When it comes to helping the next generation, many grandparents’ first instinct is to open their wallets. After all, who doesn’t want to give their grandkids a head start?

But while a monetary gift can be meaningful, it’s far from the only — or even the best — way to support a grandchild’s financial future. The most lasting legacy grandparents can leave often comes not from their bank accounts, but from their time, wisdom, and example.

The limits of financial gifts

There’s nothing wrong with financial generosity. Contributing to a Registered Education Savings Plan (RESP), helping with a down payment or leaving an inheritance can all make a real difference. But money, on its own, can disappear quickly if the recipient doesn’t have the knowledge or habits to manage it.

Without financial literacy, even the biggest gifts can become short-term relief rather than long-term empowerment. That’s why many financial planners encourage grandparents to think beyond cash transfers and focus on developing financial confidence and capability in their grandkids.

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