Are you looking after the grandchildren?

If so, a study from Aviva* has found that around half of all UK grandparents – 7 million people nationwide – now look after their grandchildren and help around the house while mum and dad are at work.

On average, each grandparent will care for two children for around 13 hours a week, with 99.5% doing so without pay.

Given that childminding costs currently stand at almost £2,400 per annum, Aviva calculates that this represents a collective saving of £33 billion of ‘free money’ every year.

 

*Source – Credit Action April 2011 edition

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