The resulting factors due to the increased rise in childcare, has seen many grandparents providing childcare for their children. This is due to the fact that many have to return to work or work longer hours due to the added cost of child care as well as tax. Grandparents therefore provide around £10 billion worth of childcare.
- Grandparents in the UK save parents the equivalent of £1,830 a year in childcare costs
- Many over 50’s are providing substantial financial support, with nearly half contributing over £1,700 per year for each grandchild.
- The amount of money being offered has increased by over 50% in the last 12 months
- grandparents spend 10 hours per week with their grandchildren
- Saves parents £1,830 a year in ‘unofficial’ child care costs
- Some of the reasons why parents are having to rely more on grandparents include having to return to work, having to work longer hours and the increasing costs of professional childcare.
- Sarah Howe who is the Marketing Director at RIAS noted that the cost of childcare had risen by 5% in 2011 resulting in grandparents having to provide “crucial benefits to families“.
- With families under intense financial pressure, often it is the grandparents who are the ones most able to afford to pay for these big ticket items.