Grandparents save parents £9,568 a year in free childcare costs

25 Jun, 2019

24 Jun 2019 New research from later life lending specialist, Hodge highlights the crucial role that the nation’s grandparents play in enabling parents to work.

For many, retirement is an opportunity to enjoy the luxury of free time, however new research from Hodge revealed that grandparents are giving up an average of 11.5 hours a week looking after their grandchildren saving parents £9,568 a year on childcare costs.

Grandparents who provide childcare are enabling parents to focus on their careers and career progression to better provide for their families.

In fact, more than half (53%) of grandparents believe that providing free childcare has allowed parents to return to full-time work, and one in three (32%) think that their children wouldn’t be able to afford formal childcare.

With the majority (87%) not receiving any financial compensation for their time, over 50’s could help fund their retirement by accessing the value tied up in their home with Hodge’s flexible later life lending options.

Grandparents and family members who provide care for children under the age of 12 should also check if they’re eligible for Specified Adult Childcare National Insurance credits.

Matt Burton, director of mortgages at Hodge said; “When we think about generous grandparents we usually think about extravagant Birthday and Christmas gifts, not their time.

“But, by selflessly giving up their hard-earned free time grandparents are helping new parents to return to work and saving them thousands of pounds a year in the process.

“While it’s natural to want to help children and grandchildren, it’s also important that retirees remember to make time for themselves to enjoy their retirement. Hodge offers a range of products that allow people to access the value locked up in their homes allowing them to live the retirement lifestyle they choose and help make their retirement work for them.”