76% of grandparents expect to be called on to ease childcare and financial burden of summer holidays
A third (32%) of grandparents expect to provide financial assistance to the parents
Average outlay for entertaining grandchildren over the Summer holidays is expected to be £131 per grandchild
One fifth (20%) of grandparents will be giving grandchildren pocket money over the holidays
More than three-quarters (76%) of grandparents expect to be called upon to ease the summer holiday burden by babysitting their grandchildren or providing financial support over the holidays, new research by Scottish Friendly reveals.
The data shows that grandparents expect the cost of looking after their grandchildren and keeping them entertained to be £131 per grandchild. However, additional unquantified costs such as food, transport and other outings could push the true cost even higher.
Many grandparents are taking on significant roles to support working parents, with over two-thirds (67%) offering childcare and a third (32%) providing financial help to ease holiday pressures for parents.
A fifth (20%) of grandparents plan to give their grandchildren pocket money during the summer holidays, while one in 10 (10%) say they save throughout the year so that they can give their grandchildren money in the school summer holidays.
The findings show grandparents are the ‘invisible workforce’, propping up family life at their own personal expense.
Scottish Friendly savings specialist Kevin Brown said: “For many grandparents, helping out during the long summer holidays is a real act of love – but it’s also a major commitment, both financially and in terms of time. They are an invisible – but highly important – workforce. With many retirees living on fixed incomes, the extra costs of entertaining, feeding and caring for grandchildren can quickly add up. It’s a powerful reminder of how important financial resilience is at every stage of life.
“Helping to build that financial resilience is also an area where many grandparents are keen to play an active role in their grandchild’s life. Making it easier for close family members to open a Junior ISA on behalf of a child – not just parents or legal guardians – would help more families build a stronger financial foundation for the next generation.
“This is why at Scottish Friendly we are advocating for a change to the Junior ISA rules to ensure grandparents are able to set up a JISA on their grandchild’s behalf – something the rules currently don’t allow. It’s a small rule change that could have a big impact on many children’s lives.”
-ENDS-
Contact:
Hilary Morison, MRM
07793 564 351
Editor’s notes:
Notes to Editor:
The research that sits behind the Scottish Friendly Family Finance Tracker was conducted by the 3Gem between March and April this year. It comprises responses from 2,511 UK adults aged between 18 years and 65+.
The Scottish Friendly Family Finance Tracker sets out to track how UK consumers are managing their short-, medium- and long-term financial goals and priorities. In terms of short-term goals the focus in this wave of the research was on managing childcare costs over the Summer holidays.
Short-term financial goals were described to participants as being goals up to 6 months ahead, medium-term as being between 6 months to 5 years ahead, and long-term as 5+ years ahead.
About Scottish Friendly
Scottish Friendly is a leading UK mutual life and investments organisation. It provides its members and their families with a wide range of investment and protection solutions and provides life and investment products and services to other financial organisations.
Scottish Friendly has roots stretching back to 1862. Established as the City of Glasgow Friendly Society, its name changed in October 1992 when it took over Scottish Friendly Assurance.
Scottish Friendly, Galbraith House, 16 Blythswood Square, Glasgow, G2 4HJ
Scottish Friendly Assurance Society Limited. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
Scottish Friendly Asset Managers Limited. Authorised and regulated by the Financial Conduct Authority.