According to a recent study by Paragon Bank, grandparents in the UK are increasingly stepping in to provide financial assistance, free childcare, and help with household tasks for their children and grandchildren.
The research surveyed 2,700 individuals aged 55 and older, revealing that 58% of those with children have offered financial support in the past six months, while 53% of those with grandchildren have provided cash payments.
The study also found that nearly one in five (17%) people aged 65-74 offer childcare support for their families.
Grandparents help by looking after grandchildren several times a week during the day (28%), assisting with school drop-offs and pick-ups (52%), and caring for them before or after school (40%).
Derek Sprawling, Paragon Bank savings director, said: “The bank of grandma and grandpa is becoming more prevalent as the budgets of the working population come under more pressure.
“Our survey showed this group is helping their children and grandchildren financially and through more practical help; mainly through childcare but also other areas such as DIY, gardening, and housework.”
Sprawling encouraged those using their savings to support family members to explore options like Special Adult Childcare Credits and ensure they are getting a good rate of interest on their savings, as well as maximizing returns through a combination of easy access and term accounts.
