Aviva finds grandparents could be financially worse off due to babysitting

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Aviva finds grandparents could be financially worse off due to babysitting

New research has suggested that grandparents in Britain could be being squeezed financially as a result of looking after their grandchildren for many hours a week.

According to Aviva, half of all British grandparents now look after little ones while their mums and dads are at work, with 99.5 per cent doing so without pay.

With grandparents taking care for an average of two children 13 hours a week, this saves parents a collective £33 billion a year.

However, 13 per cent of grandparents admitted babysitting leaves them financially disadvantaged, while one in 20 cannot take on paid work because they have youngsters to care for, perhaps resulting in their retirement savings pot being significantly reduced.

Aviva spokesperson Louise Colley said: "It's great to see so many grandparents involved in the lives of their families, but it's a worry to see that some are financially worse off as a result."

Earlier this month, Prudential warned that more and more people are entering retirement saddled with debt as a result of too much spending and not enough saving.

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