Grandparents to save parents £2,304 in childcare costs
Grandparents looking after their children’s offspring for three workdays each week during the school holidays will save parents an average of £2,304 in childcare costs, according to Hodge.
The specialist lender also found that almost a third (31 per cent) of grandparents are prepared to spend up to £100 on toys and games to keep the kids entertained. These include computer games, toys and board games, as well as subscription services such as Netflix, Amazon Prime or Now TV.
Nearly half (46 per cent) of grandparents said that the reason they look after their grandchildren is because they don’t think their children could afford to pay for full-time formal childcare during the summer break.
Grandparents and family members who provide care for children under the age of 12 should check if they’re eligible for Specified Adult Childcare National Insurance credits. These credits may help to fill in any gaps in your National Insurance record and can mean that you’ll still get the full State Pension and other benefits.
Matt Burton, managing director of mortgages at Hodge, said: “When we think about generous grandparents we usually think of extravagant birthday and Christmas gifts, not their time.
“But, by selflessly donating both their time and money, grandparents are allowing parents to continue working during the school holidays and saving them thousands of pounds in the process.”
Parents without grandparents to rely on should ensure they are making the right decision about government-supported childcare schemes such as Tax-Free Childcare or childcare vouchers, as the wrong decision could cost them dear.