Grandparents reduce childcare costs by up to £2.2 billion a month
Research from Churchill shows that the 50% of grandparents who care for their grandchildren once a week or more are saving their children billions.
(PRWEB UK) 28 October 2012
New research from Churchill Car Insurance reveals that on average, 41 per cent of grandparents in the UK look after their grandchildren at least once a week and seven per cent do so for four days a week or more.
- 41 per cent of grandparents childmind at least once a week and 7 per cent care for grandchildren four days a week or more
- 59 per cent of grandparents who childmind help out by driving their grandchildren around and 25 per cent even do the school run
- One in 10 grandparents who drive their grandchildren around have purchased a more cost efficient car as a result
It would appear our ‘grandnannies' are invaluable to the family. With the average cost of childcare reaching £177 per week in the UK, this daytime care could in fact be saving parents an average of £216 per month, equivalent to a collective £2.2 billion per month.
According to the research, 81 per cent of grandparents help out with childcare: 40 per cent say they do so on occasion and 16 per cent say they do this on average once a week. 18 per cent look after their grandchildren two to three times weekly and seven per cent offer between four and five days care each week.
59 per cent of UK grandparents who look after their grandchildren also play taxi driver to their grandchildren, with 43 per cent doing the school run and 26 per cent offering lifts to and from extra-curricular activities. A further 25 per cent also say they take their grandchildren to friends' houses and 41 per cent drive them to appointments. The cost of playing taxi driver has even driven 1 in 10 (11 per cent) “grandnannies” to buy a more cost-efficient car.
Tony Chillcott, Head of Churchill Car Insurance said “Grandparents are clearly doing their bit to try and help reduce the financial burden of childcare on their families, but looking after a child is still expensive, particularly if you're also doing the driving. The fact that so many grandparents say they have purchased a more fuel efficient car for this reason alone, really does highlight that they are bearing the cost of taxiing their grandchildren around.”
Notes to editors:
1. Churchill car Insurance commissioned Opinium Research to interview a random sample of 2,012 adults aged 18+ via online omnibus 13th – 15th March 2012, with 514 of these being grandparents. Surveys were conducted across the country.
2. £117 according to Daycare Trust's 2011 Annual Childcare Costs Survey. The figure is based on a child under two attending nursery for 50 hours per week
3. £2.2 billion based on a childcare cost of £35.40 per day. According to Churchill's Opinium survey, 10.4 million grandparents look after their grandchild on an average 1.4 days per week.
1.4*35.40 = £49.86, equivalent to £216.06 per month
£216.06 * 10.4m = £2.2bn
Founded in 1989, Churchill is now one of the UK's leading providers of general insurance policies, offering car, travel and pet cover as well as home and contents insurance over the phone or on-line.
Churchill general insurance policies are underwritten by U K Insurance Limited, Registered office: The Wharf, Neville Street, Leeds LS1 4AZ. Registered in England and Wales no 1179980. U K Insurance Limited are authorised and regulated by the Financial Services Authority.
Churchill and U K Insurance Limited are both part of Direct Line Insurance Group plc, which is wholly owned by the Royal Bank of Scotland Group.
Customers can find out more about Churchill products or get a quote by calling 0800 200300 or visiting http://www.churchill.com
The Royal Bank of Scotland plc, Registered in Scotland No. 90312. Registered Office: 36 St Andrew Square, Edinburgh EH2 2YB
Authorised and regulated by the Financial Services Authority.
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