Grandparents save parents a fortune in child costs

Because of the need for both parents to work due to financial pressures families are struggling to cope and grandparents are needed to step in to help even with everyday jobs that include childcare, cooking meals saving each year £33 billion for parents and Charities had said that without the assistance many more families will find it very difficult to go forward.

The survey done by Aviva shows that the grandparents take care of two grandchildren, on average, up to 13 hours a week and were not paid making that an annual savings to the parents of over £2,400 per child. Additional research indicated that it costs more than £270,000 to raise a child to age 21 but can be reduced substantially if childcare is done by grandparents.

Also the study revealed that 26% of the grandparents cook occasionally and over 28% do the school run with a full 33% help out with the kids hobbies and a surprising 15% paid household bills with the average that grandparents payout to their families £23,000.

Elizabeth Finn Care grant giving charity rep Rebecca War says it is not surprising to see families struggle with living expenses and with childcare cost in particular with the inevitable need for the majority of grandparents to step into the breach. Thousands of families would fall into financial problems without the needed support of the grandparents to help cover the cost of childcare that bite into a large amount of the family income.

It is important that the help that grandparents are giving by caring for their grandchildren is celebrated and recognized as an invaluable contribution to our society says Andrew Harrop of Age UK charity, adding that it is common knowledge that grandparents contribute in the active upbringing of their grandchildren and should not be taken for granted by anyone on society.

It has reached the point that because of the high cost of childcare there is a financial necessity by families for the need of grandparents helping to offset that financial burden.  The economic times we are in now will mean that the grandparents will have to help out even more but the important issue it that both sides are happy and that there are not tensions or disappointments that come out of this necessity.

Up to 10% of grandparents have indicated they were worse off from this additional  responsibility and one of 20 saying they could not work more, because they were to busy with childcare duties.

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