Grandparents could use equity release schemes to fund childcare

Grandparents could look to equity release schemes to help with costs of caring for their grandchildren over the summer holidays.

As costs of childcare are on the increase, grandparents all over the country are stepping in to help families get past financial bottlenecks.

It has been estimated that grandparents minding children over the summer will help parents to save as much as £806 million, according to research carried out by RIAS.

The report claimed that 60 per cent of British grandparents are counted on by couples to care for their children on a regular basis.

Janet Connor, managing director of RIAS, said: "Our Summer Holiday Helpers study shows just how much grandparents contribute to family life, not just by giving wisdom, experience and love but also their time.

"As working hours get longer and the impact of previous years' economic turmoil hangs over us, it looks as though parents are relying on grandparents more than ever before, especially over the long summer holiday break."

Recently, Andrea Rozario, director general of Safe Home Income Plans, suggested that equity release and other forms of alternative funding could help finance care of the ageing population in Britain.

Ashall Glover Financial Services advising on equity release schemes

Posted by Edward Simpson