January 11, 2024

Bank of Family saves young parents £38bn per year in childcare costs

In the last year, almost half (42%) of parents and grandparents aged 55 and over have assisted younger family members with childcare. Those who have provided childcare spend the equivalent of a long workday (almost 9 hours) childminding per week.

Parents and grandparents – the ‘Bank of Family’ – are offering childcare support to family members that is equal to around £38 billion per year, according to research from Legal & General and the Centre for Economics and Business Research (Cebr) 1

Latest figures from the Office for National Statistics show that in 50% of working families both parents are employed full-time2, and many are calling on their wider family for help. Almost half (42%) of parents and grandparents aged 55 and over have assisted their family by providing unpaid childcare in the past year.

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Cebr is an independent London-based economic consultancy specialising in economic impact assessment, macroeconomic forecasting and thought leadership. For more information on this report, or if you are interested in commissioning research with Cebr, please contact us using our enquiries page.

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