Grandparents counting cost of childcare

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Grandparents counting cost of childcare

Wed 6th Dec 2006

Retired grandparents are getting hit with the cost of financing childcare despite the fact that the pensions shortfall is affecting their disposable income.

According to engage Mutual Assurance, half of grandparents in the UK have put money towards the upkeep of their grandchildren within the last six months and one in five have met the cost of childcare.

In the past three months, 21 per cent of grandparents who are retired have subsidised childcare costs which compares to ten per cent back in July.

Karl Elliott, 3GB campaign spokesperson for engage Mutual Assurance, said: "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."

Mr Elliot then stated that child trust funds (CTFs) were an effective way for grandparents and parents alike to put money aside for a child's future.

If a customer sets up an engage Mutual Assurance CTF with a regular direct debit contribution they are entitled to anything up to £25 worth of Boots vouchers.

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