Tonight at 6pm BBC News have a piece scheduled about the report below - they filmed us yesterday doing the school run and making a few comments, hope I come over ok and mentions of Gransnet North Yorkshire are left in.
If you are a grandparent who provides care for the grandchildren why not share your experiences on the forum?
GN NYorks Forum
BRITAIN’S GRANDPARENT ARMY GROWS BY 60%, SAVING BRITAIN £16.4BN ANNUALLY
New research from over 50s specialist insurance provider RIAS reveals today that three quarters (75%) of UK grandparents now provide childcare for their grandchildren1. Rather than an active choice, today’s report shows that the rising cost of living for families has forced many grandparents into the role, leading to financial difficulties for some – one quarter (26%) of grandparents reach into savings, and one in ten (11%) are forced to borrow money to cover activities and living costs2.
§ 9.8million now make up Britain’s Grandparent Army as the number of Grandparent childminders increases by over 60% since 20093.
§ Grandparents spend an average of 8.2 hours a week looking after their grandchildren – saving parents £1,659 on childcare fees annually4.
§ 99% of grandparents get no payment for their time5, despite some forking out £164 per month to support their families6.
§ Increased childminding is as a result of rising childcare costs (17%) and increasing parent workloads (32)7.
§ Expense of looking after children leads a quarter of grandparents dipping into savings (26%) and 1 in 10 grandparents going into debt.
§ Welsh grandparents provide the most childcare each week – almost 10 hours; whilst London parents see the biggest saving at £2,437 each year.
Now in its fifth year, the RIAS ‘21st Century Grandparenting’ Report reveals that the cost and the time commitment of being a Grandparent Childminder has rocketed since 2009. The nation has seen an exponential 61% increase in the number of grandparents providing childcare over the last five years, with 9.8 million currently drafted into the ‘Grandparent Army’, up from 6.1 million in 2009.
Despite many grandparents reaching a stage of life where they have the luxury of free time, three quarters of grandparents (74%) now take care of their grandchildren for an average of 8.2 hours a week – up 57% on 2009’s figures. This sacrifice saves their children an average £1,659 a year in child care costs, adding up to an annual nationwide saving or unofficial ‘child benefit’ of £16.4 billion4. This is substantially more (a 93% rise) than the £860 saved per family in 2009.
Financial expectations
On top of the 426 hours of formal childcare they provide each year, Grandparents now spend an average of £164 a month – almost £2,000 a year – regularly providing financial contributions towards toys, clothing, pocket money, savings and leisure activities6. This financial commitment is unaffordable for some, with one quarter (26%) of grandparents admitting they are forced to dip into their hard earned savings to pay for their grandchildren, whilst one in ten (11%) have even been driven into debt, and one in 20 (5%) have sacrificed holidaying to provide financial assistance.
Not only are grandparents missing out financially, but parents are slow to recognise the scale of the financial contribution that they’re making. Despite the monthly contribution from grandparents reaching over £164, parents believe that grandparents only contribute on average £72 to the family budget6.
Today’s research sees many parents acting in the belief that providing childcare benefits grandparents, with a third (32%) stating ‘it gives them something to do with their free time’ and a further third (37%) that it ‘keeps them active and stimulated’. Despite this, three in 10 grandparents said that their child minding obligations leave them tired (30%) and they wish they could do it for shorter lengths of time (8%), and a further one in ten even find it such hard work that it ‘feels like a job’ (11%).
More gratitude for grandparents
Although the majority of grandparents enjoy spending time with their grandchildren, one in 10 (14%) wish their adult children would show more consideration and plan according to the grandparents’ schedule, rather than what suits them. A further one in 10 (9%) grandparents wish that their children would show more appreciation for them giving up their free time. Just last month Health Secretary Jeremy Hunt set out how older generations and their needs are often ignored by younger generations and that the social contract between generations needs to be restored and re-invigorated7.
Parents feeling the pinch
The financial climate is a key factor on Brits turning to their parents to cut the cost of childcare. One in 10 (12%) are aware that childcare can be an imposition but feel they have no other option as they contend with the rising cost of living amidst stagnant incomes and a bleak job market. A quarter of grandparents (25%) have seen the amount of care they provide in the last year increase, blaming increasing parent workloads (32%). Additionally, close to a fifth of grandparents (17%) attribute the escalation in care to the increasingly expensive formal childcare costs.
Peter Corfield, Managing Director at RIAS, comments: “As households struggle to make ends meet, it’s easy to take advantage of having grandparents on hand to help lighten the childcare load. Grandparents not only continue to play a vital life line for UK families, but also bring knowledge and experience that benefits generations.
“It’s important that older generations are not merely seen as a money saving measure when it comes to babysitting. The enormous and selfless contribution today’s grandparents provide must be acknowledged as often the time, energy and experience grandparents give can often mean sacrificing their own plans and ambitions.”
Well-known broadcaster and grandparent, Janet Ellis, adds: “I love being a grandmother and adore spending time with my grandchildren, and know that Sophie’s three boys feel the same. Today’s findings show however that some grandparents are put in the difficult position of having to look after children because of no other choice. It is certainly worrying that some older people are going into financial difficulty to look after their grandchildren.
“People who find themselves in this position should have a frank family discussion outlining how any arrangement can suit all parties – grandparents should never have to compromise their bank balance, health or sanity and feel that taking care of their grandchildren is a chore rather than a joy. Being a grandparent and involved in grandchildrens’ lives is a privilege, and thank yous are always nice to receive.”
For more information about the full range of products RIAS offers, customers can visit www.rias.co.uk.
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