Grandparents Missing Out on Average £11,000 and Should Contact DWP
Research from over 50s experts SunLife indicates that 59% of grandparents provide free childcare for their grandchildren, which could amount to a salary of nearly £11,000 a year if they were paid. The study, which surveyed more than 2,000 grandparents, shows that these grandparents spend an average of 18 hours per week offering their services, including tasks like the school run, before and after-school care, and taking grandchildren to clubs and hobbies without compensation.
The research also found that 83% of grandparents are spending around £50 a week out of their pockets on food, transport costs, clubs, and hobbies for their grandchildren, totaling more than £2,600 annually. While most grandparents are happy to provide free childcare, 11% express that they cannot afford the additional expenses. Additionally, 18% of grandparents believe that their grandchildren’s parents would struggle financially without their support.
- 59% of grandparents provide free childcare for grandchildren.
- Grandparents spend an average of 18 hours per week offering childcare services.
- 83% of grandparents spend around £50 a week on childcare-related expenses.
- 11% of grandparents cannot afford the extra expenses of childcare.
- 18% of grandparents think their grandchildren’s parents would struggle financially without their help.
SunLife’s Grandparent Salary calculator reveals that if grandparents were paid for the 18 and a half hours of childcare they provide weekly, they would essentially earn an annual salary of £10,945, close to the state pension amount. With approximately 14 million grandparents in the UK, 8.2 million of whom provide regular childcare, collectively they save families an estimated £89.8 billion in childcare costs annually.
Furthermore, SunLife’s CEO, Mark Screeton, highlights the invaluable contributions of grandparents to families, saving parents significant amounts of money and providing essential support. For grandparents who offer regular care and support, they may be entitled to childcare credit, as outlined on the government’s specified adult childcare credits fact sheet.
It is crucial for grandparents who are aiding their families in childcare to understand the potential financial assistance available to them, recognizing the significant savings they contribute to their families through their selfless efforts.