How grandparents help families save money
Grandparents often go above and beyond the call of duty, especially in today’s society, when more parents are depending on Grandma and Grandad to look after the children while they work full time to account for the continued rise in the cost of living
A recent study* revealed that two-thirds (67%) of UK grandparents look after the children during school holidays and that collectively they contribute a total of £4bn each year towards day-to-day costs like clothes, trips and school equipment
A reliable resource
This news may not come as a surprise to a lot of families. Grandparents are reliable, dependable and often readily available, which makes them a highly valued resource. They have experience of raising children themselves and have a unique set of life skills that can really help – not just with children, but around the house too
Some of the most popular jobs grandparents are asked to carry out include cooking meals, DIY, looking after the children when they’re ill, and the most popular job by far: babysitting
The study revealed that 36% of grandparents who babysit for free do so for more than 10 hours each week. Imagine how much they would earn if they got paid for being a carer! Imagine how much you would spend if you had to pay for childcare
Why grandparents and children should spend time together
While they undoubtedly provide an invaluable service, it’s important to take into consideration their age, condition and general ability to perform physical tasks – especially when it comes to looking after the kids during the school holidays – so you don’t over-work them and inadvertently affect their health and wellbeing
Grandparents love to spend time with the children because it gives them a huge amount of satisfaction. The survey showed that 73% of grandparents say they look after the kids because it gives them the opportunity to watch them grow, while 69% said it made them happy and 67% said it gave them a chance to enjoy experiences together
Interestingly, one in six grandparents (16%) admitted that they spend time with the children so that they will be seen as the favourite grandparent – highlighting the fact that the competitive streak, albeit good natured, isn’t something that fades with age!
Financial implications
However, despite all the positives they take from the experiences, one in five grandparents (19%) worry about the financial implications of looking after the grandchildren throughout the year – and specifically during the school holidays, when they are sometimes relied upon to take them out for the day
How much grandparents spend on children
Engage Mutual’s study looked at how much grandparents spend from region to region and revealed some fascinating statistics
It found that Northern Ireland’s grandparents are the most generous throughout the year when it comes to spoiling the children, spending an average of £805.50. Grandparents of East Anglia, however, were the most frugal, spending an average of just £317.93
And when it comes to treating the children during the school holidays, grandparents from the North East came out on top with an average spend of £391.61, while the South West spent the least at £142.89
Grandma v Grandad
The survey also looked at the difference in generosity between grandma and grandad. It discovered that grandad is more likely to put his hand into his pocket than grandma dips into her purse. Grandads spend an average of £554 on their grandchildren throughout the year (£272 during the holidays) while grandmas spend an annual average of £487 (£167 during the holidays)
To help with the cost of looking after children, Engage also suggested some great value days out that grandparents can enjoy with the children this holiday season – which include free attractions and top tips on how to search online to get big discounts
Grandparents: money savers and life savers!
What the survey ultimately shows is that parents shouldn’t underestimate the role that grandparents play in the finances of the family. Those of us who are lucky enough to have grandparents who live close by and who are able to look after the children can make a massive difference to our bank balances
Childcare is not cheap. And for those who rely on their grandparents to entertain the kids during the holidays, pick them up from school, pay for their uniforms, fund field trips or look after them when they’re ill, it can make a massive financial difference
But while they can be life savers and often help us at the drop of a hat, it’s important to remain mindful that they have their own bank balances to look after – especially if they have lots of grandchildren. And we know how much of a handful young children can be!
