Grandparents who provide free childcare over the school summer holidays could be helping parents avoid the need for debt management help, new figures …
Grandparents who provide free childcare over the school summer holidays could be helping parents avoid the need for debt management help, new figures have suggested.
A study carried out by RIAS revealed older people are set to save mothers and fathers a combined £806 million across this year’s sunny season.
The organisation’s Summer Holiday Helpers report discovered the average set of parents would have to fork out up to £558 if they have to pay for professional care.
It showed 60 per cent of the 12.5 million UK grandparents over the age of 50 regularly look after their grandchildren.
This amount is the equivalent of 7.5 million individuals who are helping mums and dads relieve the childcare financial burden.
Half of those who offer such a service observed their duties tend to increase during the mid-year break.
And with the average cost of childcare standing at around £92.99 a week in Britain, the help of grandmothers and grandfathers could be saving parents £1.9 billion in such payments every year.
Moreover, 98 per cent of grandparents offer their services for absolutely free, while 91 per cent pay for the kids’ expenses when under their supervision, such as visiting the swimming pool.
The study also found the practice may be becoming more commonplace, as 33 per cent of respondents claimed their duties have increased over the last 12 months as a result of longer working hours.
A recent investigation by Aviva discovered millions of parents in the UK have been forced to cut the amount of time they spend in the office as a result of escalating childcare fees.
By Amy White