UK grandparents are missing out on an average of £11,000 by providing unpaid childcare for their grandchildren, according to research by SunLife. The study found that 59% of grandparents offer some form of childcare during the working week, spending an average of 18 hours per week on tasks such as the school run, meals, and transporting grandchildren to activities.
Along with providing free childcare, 83% of grandparents are also spending around £50 per week on expenses like food, transport, and hobbies, totaling over £2,600 annually. While most grandparents are happy to help without compensation, 11% find it financially challenging.
SunLife’s Grandparent Salary calculator estimates that if compensated for their childcare hours, grandparents could earn an annual salary of almost £11,000, similar to the state pension. With around 8.2 million UK grandparents providing regular childcare, they collectively save families £89.8 billion in childcare costs annually.
Mark Screeton, CEO at SunLife, highlighted the significant financial contributions grandparents make to families, saving an average of £13,500 per year in childcare costs alone. For grandparents offering regular care, there is potential entitlement to childcare credit.
To access childcare credit, grandparents can visit the official government website for more information. The research shows the invaluable support provided by grandparents, not only financially but also emotionally, contributing to a strong family support system and close relationships between generations.