Using grandparents for childcare is parents only other option
As childcare costs are rising it is causing parents the stress of what to do for childcare. Many grandparents today are still working however there has been an increase of grandparents reducing their hours to look after the grandchildren. Over the year parents are saving up to £2000 by using grandparents for childcare. However let’s not forget that many grandparents out there love having the grandchildren and would do anything to support the family.
The cost of childcare in certain areas is above parent’s threshold leaving them no choice but to source childcare elsewhere. Looking after children isn’t easy at any age let alone retirement age, therefore are grandparents taking on too much? Some parents split the childcare and send children to nursery two days a week and then the rest to grandparents but how long will this last if will fees keep going up.
By grandparents having the children for about 9 hours a week this can save families up to 1500 a year, and with the cuts in tax credits the only benefits to families is the increase in the free childcare hours.
As the state pension ages have been pushed back it is now expecting the older generation to work longer, so how will this affect grandparents caring for the grandchildren. Grandparents will need to consider the financial impactions it will have on them if they consider to reduce their hours to look after the grandchildren.
Back in October the government announced to give working grandparents the right to take time off to care for grandchildren. This would mean that
- Parents will be able to share up to 50 weeks leave and up to 37 weeks parental pay with a nominated working grandparent.
But what about the help after the child is one? as many families require that further help whilst their children are growing up.
For nurseries they have no choice but to increase fees to subside the lack of funding from the government, many nurseries are all for supporting working families and for many their last resort is upping the cost of childcare.
So what next?