Grandparents providing more practical and financial support
Almost half of younger grandparents take care of grandchildren every week with one in 10 doing so on almost a daily basis. A report last year from Ageas, the insurer, in partnership with the International Longevity Centre found this helped save families an average of £1,786 in childcare costs a year.
At the same time, the bank of grandma and grandad remains active, with more than a quarter of grandparents saving over £50 per month for their grandchildren. One in seven are saving more than £100 per month. One in four grandparents expect savings to go towards their grandchildren’s house deposit.
Saga said grandparents are stepping in to bridge a generation gap in greater numbers, while their children strike an “ever-finer balancing act of juggling the time demands of the modern workplace with traditional parenting roles”, against a backdrop of tighter household budgets.
Alex Edmans, head of product, Saga Money, said: “Modern family life means that people rely on grandparents more than ever before. Whether it’s helping with childcare when parents are at work or providing a financial boost at significant moments such as starting out in higher education or buying their first home. Grandparents are generous with their time and money and relish spending time with their family, they also enjoy helping them financially towards achieving their goals.”