Grandparents across the UK are sacrificing holidays, social lives and even retirement savings to help families cope with rising childcare costs, new research has revealed.
A study commissioned by subscription lender Creditspring found that 70% of grandparents who regularly care for their grandchildren believe childcare-related costs have increased over the past year. While grandparent childcare is often seen as “free”, many older relatives say they are quietly absorbing the cost of food, fuel, entertainment, household bills and days out.
The research found grandparents spend an average of £19.51 a day caring for grandchildren, with a third saying they spend £20 or more daily. Almost half (44%) said they have cut back on their own spending, savings or leisure activities to continue helping their families, while one in ten admitted reducing money set aside for retirement.
The financial strain is even greater for grandparents providing childcare four or more days a week. Among that group, 59% said they had personally cut back to afford childcare costs, while 28% had asked parents to contribute financially. The study also highlighted the emotional pressure many grandparents feel.
Six in ten said they feel guilty saying no to childcare requests, while 75% believe grandparents should help for free where possible. However, rising costs are making the situation harder to sustain, with some grandparents saying they are now setting firmer boundaries around childcare support.
