The UK's grandparents will save parents around £806 million in childcare costs this summer, according to new research from RIAS, the specialist provider of insurance products for the over 50s age group.
Grandparents who look after younger family members will provide vital childcare during the summer holidays that could cost parents up to £558 if they had to pay for it.
The RIAS ‘Summer Holiday Helpers' study highlights that 60 per cent of the 12.5 million over 50s grandparents across the UK, equivalent to 7.5 million grandparents, regularly provide childcare for the grandchildren.
Of these grandparents providing childcare, 50 per cent claim these important duties increase, often substantially, during the school summer holidays in July and August, as parents rely on them to look after their grandchildren.
With the average cost of childcare coming in at around £92.99 a week in Great Britain, this substantial contribution could be saving parents a huge £1.9 billion in childcare costs over a year, and almost £806 million alone for the summer holidays, says
RIAS.
Nearly all (98 per cent) of today's dedicated grandparents are giving childcare for nothing - not receiving any formal payment for their time and effort.
Nine out of ten (91 per cent) grandparents cover their own ‘out of pocket' expenses, for things like going swimming or visiting an attraction.
Grandparents in the South East are set to save parents just under £98 million in childcare costs this summer, with almost 230,000 grandparents providing at least half of all the required childcare during the summer holidays.
And in terms of those grandparents whose childcare duties increase during the summer holidays, six out of ten (62 per cent) Scottish grandmas and granddads look likely to spend more time with their grandchildren this summer than their southern counterparts.
Just over half (51 per cent) of grandparents who provide childcare for their grandchildren over the holidays do so in their own house, meaning that it is fast becoming a second home for many children.
One third (33 per cent) of grandparents claim that they have been relied on more in the last 12 months to provide childcare to grandchildren - with the main reason being parents having to work ever longer hours (28 per cent of care giving grandparents agree with this).
However, the grandparents are getting something out of it too - a fifth (21 per cent) want to look after their grandchildren because it makes them feel younger and more sprightly.
"Our ‘Summer Holiday Helpers' study shows just how much grandparents contribute to family life, not just by giving wisdom, experience and love but also their time,” said Janet Connor, Managing Director of
RIAS.
“As working hours get longer and the impact of previous years' economic turmoil hangs over us, it looks as though parents are relying on grandparents more than ever before, especially over the long summer holiday break.
"As an over 50s insurance provider we focused on grandparents aged over 50 in this study, but what's interesting is that they don't just provide childcare for their grandchildren. They also, on occasion, help out with childcare for friends' children and nieces and nephews, so really are an influential and important positive influence on younger generations' lives.
“It is important to embrace the care and assistance grandparents provide, and constantly value and celebrate all the support they give."
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