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Grandparents 'pay for childcare' | Grandparents 'pay for childcare' |
(about 4 hours later) | |
Grandparents are increasingly paying for childcare costs and debts incurred by their children, research has said. | Grandparents are increasingly paying for childcare costs and debts incurred by their children, research has said. |
Figures showed that the numbers of grandparents who contribute to childcare costs rose to 21% from 10% between July and October. | Figures showed that the numbers of grandparents who contribute to childcare costs rose to 21% from 10% between July and October. |
In the same period, the proportion helping their children pay off debts rose from 6% to 20%, the survey found. | In the same period, the proportion helping their children pay off debts rose from 6% to 20%, the survey found. |
Researchers commissioned by Engage Mutual Assurance interviewed 4,640 people in October and 2,248 in July. | |
Overall, one in two grandparents have subsidised the costs of bringing up their grandchildren in the last six months, with one in five contributing to the cost of childcare. | Overall, one in two grandparents have subsidised the costs of bringing up their grandchildren in the last six months, with one in five contributing to the cost of childcare. |
Meanwhile, almost one in five (19%) have helped their adult children cover the costs of their family home while 4% helped to cover education costs. | Meanwhile, almost one in five (19%) have helped their adult children cover the costs of their family home while 4% helped to cover education costs. |
Southern peak | Southern peak |
The proportion of working grandparents subsidising childcare was at 18%, research said. | The proportion of working grandparents subsidising childcare was at 18%, research said. |
Regionally, the south has the highest proportion of grandparents helping with childcare costs, with the figure at 28%. | Regionally, the south has the highest proportion of grandparents helping with childcare costs, with the figure at 28%. |
However, only 5% of Britons with retired parents have helped with utility bills and only 7% have provided financial assistance. | However, only 5% of Britons with retired parents have helped with utility bills and only 7% have provided financial assistance. |
Karl Elliott, 3GB spokesperson for engage Mutual Assurance, commented: "With money issues becoming an increasing concern in modern Britain, this research shows the important role families play in providing financial security. | Karl Elliott, 3GB spokesperson for engage Mutual Assurance, commented: "With money issues becoming an increasing concern in modern Britain, this research shows the important role families play in providing financial security. |
"Despite concern that old age pensioners are unable to afford retirement, grandparents continue to make a valued contribution to extended family finances." | "Despite concern that old age pensioners are unable to afford retirement, grandparents continue to make a valued contribution to extended family finances." |
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