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Silver babysitters 'spending big'

Grandparents in the UK are providing a free babysitting service for many families, according to new research from Saga.

The over-50s insurer revealed big cost savings in the trend for the younger generation - but also suggested that the elderly were being damaged financially.

Saga found that 61 per cent of grandparents looked after their grandchildren - and that one in five spend the equivalent of a week's wages per month in childcare costs.

Chief executive at Saga Andrew Goodsell said: "Looking after children is a serious commitment, but grandparents often choose to provide this support and place the monetary implications of reducing their own working hours into second place."

Discontent with this situation was reflected in the fact that two thirds of the older generation agreed that childcare benefits "should go towards paying grandparents" for their services.

Just over one third (36 per cent), however, said that they took on the care simply because they "enjoyed" it.

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