Grandparents spend £300m keeping kids busy

Grandparents spend a collective total of more than £300m entertaining their grandchildren over the summer months, research has revealed.

To get the best rates on your borrowing, you can compare personal loans with Propertywide.

The Bank of Gran and Granddad receives an average hit of £82 as grandparents attempt to keep the grandchildren busy over the long summer break.

One in seven grandparents are planning to spend even more to ensure that their grandchildren have a summer to remember, with a spend of more than £150.

The research from Saga Motor Insurance also shows that more than two-thirds of grandparents will look after their grandchildren at least once over summer break. One in ten will have their grandkids over more than three times a week once school’s out for summer.

Some 99% of grandparents argued that they were more than happy to help their children out by babysitting their grandchildren. With the average cost of three days’ childcare coming in at £103, grandparents are helping their children save a small fortune on the cost of summer childcare.

“It is clear that grandparents provide valuable support for their families over the summer holidays,” said Roger Ramsden, chief executive of Saga Services.

“They are telling us that this is something they enjoy doing, they like spending time with their grandchildren and taking them out and entertaining them.  So whilst the help they provide supports their own children financially, it also benefits them too.”

The Post Office’s recent annual Parents’ Summer Spending Report also showed that that the Bank of Mum and Dad will look decidedly worse for wear in the aftermath of the summer holidays, as parents spend an average of £460 in an attempt to stave off summer boredom.

Footing the bill for days out, theme park tickets, treats and more has forced 17% of parents to contemplate using their credit card to provide a temporary boost to their finances, while a further 17% would also consider working over-time or taking on a part-time job.

To get the best rates on your borrowing, you can compare personal loans with Propertywide.

avatar
Posted by: Nicola Severn Categories: Finance Tags: , , Comments Off on Grandparents spend £300m keeping kids busy

0 Responses to Grandparents spend £300m keeping kids busy

  1. avatar Mark Puddephat says:

    Why?

    I learned to entertain myself as a child, and I attribute my independence and self-motivation as an adult to having done so.

    Times may have changed, but children have not. If parents would just give children time and (safe) space to develop themselves, the end product would be better adults, and what parent would not make that their number 1 priority?