Bank of Scotland: Childcare provided for free by relatives gives approximately £2832 annual boost to Scottish families

EDINBURGH, 22-Aug-2017 — /EuropaWire/ — Childcare provided for free by relatives is giving an approximate £2832* annual boost to Scottish families, according to the latest ‘How Scotland Lives’ research from Bank of Scotland.

The Bank of Scotland research polled more than 2,000 people across Scotland to get under the skin of the issues that really matter to Scottish people, from housing to happiness and schools to financial security.

The study found that almost half (48%) of Scottish families rely on relatives to provide some element of their childcare, whilst only one in ten (10%) families turn to paid childcare workers to provide part of their childcare.

The research found that family members spend an average 13 hours a week providing childcare. With the average cost of childcare in Scotland now £4.19 an hour for each child1, this equates to a saving of approximately £2832 a year per child.

When asked, over a half of grandparents (54%) said that they helped provide childcare for their grandchildren. Grandparents were found to provide the most amount of childcare, at seven hours per week, with other relatives making up the balance, providing six hours of childcare each week.

Children spend a similar amount of time with paid childcare workers – an average of 14 hours per week.

Mike Moran, Director Bank of Scotland, said, “Starting a family is an exciting adventure, but also comes with plenty of challenges.

“Childcare costs can soon mount up so having the support of the wider family can ease financial pressure and give parents the opportunity to be more flexible when it comes to work commitments.

“Creating a budget that includes all household outgoings including childcare costs can help families manage their money.”

1Family and Childcare Trust, Childcare Survey 2017

Notes for editors:
The research was completed by YouGov and the findings are based on 2,007 online interviews with a nationally representative sample of adults aged 18 and over living in Scotland. The interviews were conducted between 1 December 2016 and 9 December 2016.

*Childcare saving figure calculations:
Relatives, on average, provide 13 hours of childcare per week

• Grandparents – 7 hours
• Another family member – 6 hours

Average childcare cost – £4.19 per hour for children up to the age of 5 (Family and Childcare Trust, Childcare Survey 2017)

£4.19 x 13 = £54.47
£54.47 x 52 weeks = £2,832.44

SOURCE: Bank of Scotland plc

For further information, contact:
Ghayathri Thillainadesan
Bank of Scotland Press Team
07384 211426
ghayathri.thillainadesan@lloydsbanking.com

Andy McKay
Bank of Scotland Press Team
07780 493585
andy.mckay@lloydsbanking.com