One thing there's no denying, the relationship between grandchild and grandparent can have a great impact on a child's life. Similarly, the bond can have important implications for the elder relation as well.
For children, the special attention that many grandparents are so willing to give can make a real difference in their lives. The unique kind of love that often exists between grandparents and grandchildren can build their confidence and make them feel special, provide them with a role model and advisor, grant them a perspective on history -- both of the family and the world at large -- and perhaps most importantly, give them someone who's always willing to listen.
A strong bond between grandparent and grandchild can also make the grandparent feel needed and appreciated. They often highly value the attention they receive from their grandchildren. Additionally, reading, playing games or doing activities together can keep both kids' and grandparents' brains strong and healthy.