Grandparents passing on financial skills

More than two-thirds of grandparents in the UK are helping out with childcare, while many are passing on important skills, according to a new study from Saga Life Insurance.

The research found almost half of grandparents (44 per cent) help out with the school run and 41 per cent say they provide childcare for their grandchildren during the school holidays, while many more will also provide assistance at other times. 

Childcare costs are rising by the day so it is no surprise to see so many mums and dads enlisting their own parents to help out. Using relatives has become a necessary way to save money and without helpful grandparents, many families would not be able to cope.

One in ten said they even look after their great grandchildren with 18 per cent spending weekly active time with them.

Nine out of ten grandparents consciously try to pass on their values to their family, whilst a quarter of grandparents say they teach their grandchildren a range of valuable skills and talents, such as good manners, cooking or baking and even gardening tips.

Half of all grandparents have taught youngsters the same things that their grandparents taught them, with a further third intending to do so in the future.

Roger Ramsden, chief executive of Saga Services, said: "Not only are grandparents often providing childcare, but they are also teaching them skills that they can use for life."

Grandparents in the north-east of England are the most likely to pass on skills to their grandchildren, with two-fifths claiming to have done so already (57 per cent). Meanwhile, those in London are the least likely to share skills that have been passed down through the family (40 per cent).

It appears those who are retired spend more time with their little ones, which is to be expected. Those with time on their hands are keen to teach their grandchildren skills, with half passing on important skills to their grandchildren, compared to 20 per cent of people who are still working.

By Joe White