In the last year, almost half (42%) of parents and grandparents aged 55 and over have assisted younger family members with childcare. Those who have provided childcare spend the equivalent of a long workday (almost 9 hours) childminding per week.
Parents and grandparents – the ‘Bank of Family’ – are offering childcare support to family members that is equal to around £38 billion per year, according to research from Legal & General and the Centre for Economics and Business Research (Cebr).
Latest figures from the Office for National Statistics show that in 50% of working families both parents are employed full-time, and many are calling on their wider family for help. Almost half (42%) of parents and grandparents aged 55 and over have assisted their family by providing unpaid childcare in the past year.
Those who have helped spent almost 9 hours a week on average helping to look after children or grandchildren. The value of this childcare is around £5,400 per year. It is just one of many forms of ‘soft support’ that the Bank of Family provide in addition to financial gifts. Legal & General’s research found that over a third (31.1%) of parents and grandparents welcomed adult children back home to help them save a deposit for their own home, avoiding an estimated £24,900 in outgoings.
Legal & General has launched several Bank of Family resources to help parents and grandparents make informed decisions about the financial support they offer their children.
Bernie Hickman, CEO, Legal & General Retail: “People assume that the Bank of Family is just about financial support. But as our research reveals, people depend on their parents and sometimes wider family for many things – including the gift of time. The recent childcare reforms to help families are a step in the right direction, but many people depend on their parents so they can continue to work."
“For parents and grandparents providing support, managing these responsibilities while also navigating retirement, or the approach to retirement, can be a challenge. With the increased financial pressures of the cost-of-living crisis, it’s important those providing support take a considered approach and make sure it feels manageable.”
