Getting on with grandparents!
Published
Grandparents are paying the hidden cost of Britain’s childcare squeeze, with new research revealing that many are cutting back on their own spending, saving and retirement plans to keep supporting their families.
Commissioned by subscription lender Creditspring, the research suggests that the growing costs of childcare are increasingly being subsidised by older relatives. No less than 70 per cent of grandparents who look after their grandchildren feel it is more expensive than it was 12 months ago, with many absorbing the additional costs associated with childcare, including food, fuel, days out, entertainment and household bills. One in 10 grandparents say they have cut back on retirement savings or money put aside for the future.
On average, grandparents estimate it costs them £19.51 for a full day of looking after a grandchild, with a third saying they spend £20 or more per day. The pressure is felt most strongly by grandparents providing the most regular care. Among those looking after grandchildren four or more days a week, four in five say it has become more expensive, while over half have cut back personally to cover the costs.
Tamsin Powell, consumer finance expert at Creditspring, shares simple tips to help families manage childcare cost conversations:
Discuss the costs openly at an early stage
Parents and grandparents need to discuss this honestly and openly before it becomes an issue. Establish who is paying for what and set sensible boundaries.
Separate guilt from affordability
Grandparents should not be shy of expressing their anxieties about affordability and should not feel guilty. At the same time, parents should be open to discussions. If childcare is affecting a grandparent’s spending, savings or wellbeing, it is reasonable to set limits.
Agree what regular support looks like
If childcare happens every week, parents and grandparents need to talk through what is included. Food, fuel, activities and household costs can all add up over time.
Set boundaries around time as well as money
Childcare can be physically and emotionally draining. Grandparents need to be clear about when they can and cannot help, and parents should be accepting of these boundaries. Being open protects both family relationships and personal wellbeing.
Review arrangements as costs change
What worked a year ago may not work now. If household bills, fuel or food costs have increased, it is fair to revisit the arrangement.
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