If grandparents were paid the national average (£9 per hour) for babysitting  five days a week they could boost their income by £18,720, according to Childcare.co.uk.

In comparison, the average state pension is currently worth £8,546.20 a year.

In a survey of 2,000 of its members, the online childcare platform found 58% of parents asked grandmas and grandpas to provide childcare at least three times a week, while 23% said they relied on grandparents’ support four days a week.

Just 10% of members surveyed said they don’t receive any childcare support from grandparents.

Richard Conway, founder of Childcare.co.uk, said: “Grandparents are often heavily relied upon when it comes to babysitting and these figures show just how valuable their time is. On average, babysitters are getting paid £9.00 per hour, and when you consider that some grandparents have become the primary carer for their grandchildren while parents are at work, it adds up to a very substantial amount of money.”

According to the survey, the typical age range of children being cared for by their grandparents is between three and 11 years old.

More than 40% of people surveyed said they preferred their child to be looked after by a family member if further babysitting was required, 29% said they couldn’t afford the additional cost and 9% were single parents in need of extra help.