This is how much grandparents save their children in childcare costs over summer

Grandparents expect to give up an average of three working days a week looking after their grandchildren this summer, saving parents £2,304 on childcare costs in the process, a report has claimed.

Grandparents are covering three days a week of childcare in the summer holidays.

Grandmothers and grandfathers also admitted they expect to spend up to £100 on ways to keep grandkids entertained over the school holidays, according to the study from lender Hodge. These include computer games, subscription services like Netflix, Amazon Prime or Now TV, toys and board games.

Nearly half of grandparents said that the reason they look after their grandchildren is because they don’t think their children could afford to pay for full time formal childcare during the summer break.

Matt Burton, managing director of mortgages at Hodge said; “When we think about generous grandparents we usually think of extravagant Birthday and Christmas gifts, not their time.

“But, by selflessly donating both their time and money, grandparents are allowing parents to continue working during the school holidays and saving them thousands of pounds in the process."

He added: “While it’s natural to want to help family, it’s also important that retirees remember to make time for themselves to enjoy their retirement.