Grandparents 'offer savings through childcare'
www.moneynews.co.uk > General finance > Grandparents 'offer savings through childcare'
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Grandparents 'offer savings through childcare'
Thu 3rd Dec 2009
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Research by RIAS indicated that almost 6.1 million grandparents look after their offspring's children on a weekly basis and do not charge anything for it.
The financial services provider estimated that nanas and granddads spend more than five hours looking after their grandchildren every week, which translates to a saving of up to £860 per year in childcare costs for families.
According to RIAS, grandparents also help with the expenditure associated with raising children, with 28 per cent of them covering the cost of a cot when they are told about a pregnancy and 25 per cent contribute to a child trust fund.
In recent days, Moneynet.co.uk said that financial services providers need to offer more attractive rates and incentives on kids' financial products in order to encourage saving.
Click here for more general finance news
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