If your kids (or grand kids) can swim, 3' is too shallow. Keep in mind that nominal pool depth is NOT the same as water depth.
Pools with an actual shallow depth of 4' are too deep for most people, but are preferred by swimmer families. My sons didn't really realize there was much difference between the deep and shallow ends of pools, till they got to be 8 or 9, since they were almost always in commercial pools where they couldn't touch the bottom. But they both swam competitively from age 5 on.
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