You are here: Home - Household Bills - News -

Grandparents providing more practical and financial support

0
Written by:
27/02/2018
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.

The savings accounts paying the most interest

If one of your jobs this month is to get your finances in order, moving your savings to a higher paying deal i...

Coronavirus and your finances: what help can you get?

News and updates on everything to do with coronavirus and your personal finances.

Everything you need to know about being furloughed

If you’ve been ‘furloughed’ by your company, here’s what it means…

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.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

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...

Money Tips of the Week

Read previous post:
CEO issues Open Banking failure warning

Open Banking is on course to fail because consumers don’t trust banks and are worried about security and privacy issues,...

Close