Childcare Costs Saved by Grandparents
Grandparents have increased the time they look after their grandchildren, saving parents over £12.5 billion in childcare costs annually, new research reveals.
Many families are confronted with an uncertain financial climate, so many stay at home mothers have had to go back to work to make ends meet, a new study by RIAS has shown recently.
If your family have had to cut back on spending and are increasingly looking to save money, a pay as you go credit card could help you budget more effectively.
Grandparents spend over nine hours a week looking after the younger generation, saving families on average £1,650, £800 more than what childcare costs amounted to last year.
“Over the last year we’ve seen a staggering increase in the amount of help grandparents are giving,” said Janet Conner, RIAS’s managing director.
“Both grandparents and grandchildren benefit enormously from spending more time with each other but it’s important to consider how these demands can impact on grandparents’ lives.”
A huge 98 percent of these grandparents receive no formal payment for their time and four out of ten admit to regularly contributing financially towards their grandchildren – on average spending £90 a month.
Almost a third said they have had to put a holiday or leisure activity on hold due to their childcare duties.
Pay As You Go Credit Card UK
A good way to limit unnecessary or impulsive spending is to budget using a prepaid credit card.
By loading your budgeted funds onto the card you can use the card to pay for everyday items which you would usually use your debit or credit card.
A prepaid card does not allow a card user to spend over the amount they loaded onto it so they know how long their money has lasted them – it prevents people from spending money they do not have.