You are here: Home - Household Bills - News -

Grandparents providing more practical and financial support

Written by:
Grandparents are increasingly helping out practically and financially with their grandchildren, according to a report from Saga.

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.”

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

Which ISA is right for you? A round up of the six products available in 2017

From cash to innovative finance to lifetime, here's our guide to the ISA products available to savers this yea...

Guide to buy-to-let tax changes

In late 2015, former Chancellor George Osborne announced a range of  tax measures aimed at landlords, which t...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Five fund tips for a 0.25% interest rate environment

With interest rates stuck at a record low 0.25% and expectations rates could fall to close to zero, here are ...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Investing your money

Alliance Trust Plc gives you smart insight into how to invest your money

Money Tips of the Week