When I’m Retired I Want To:
When I’m retired I want to look after my parents and grandchildren. That’ll keep me off the streets! I suppose I could consider protecting my assets and those of my parents for the long term good of the family (sales pitch over!)
Retired people save their families over £14 billion a year in care costs.
Research from retirement income specialist MGM Advantage reveals that the average retired person spends 256 hours a year looking after grandchildren and other members of their family.
It estimates that if families had to pay for this level of care from third parties, it would cost them each around £1,313 per year2 or collectively over £14 billion.
The findings also reveal that there are some 224,584 retired people spending over 20 hours a week looking after just grandchildren, and a further 533,400 spending between 11 and 20 hours doing this. On average, a typical retired person spends two hours a week looking after grandchildren, 43 minutes taking care of their parents and two hours caring for other members of their family.
Aston Goodey of MGM Advantage said: “In the current financially challenging times, many more parents have to work to make ends meet. These families are relying on grandparents to provide childcare support which is often unpaid, yet provides an essential service for families that is needed to enable them to function properly. “We need to recognise the very valuable contribution to society that the retirement nation makes.”
At the end of last year, MGM Advantage published a report called ‘Our Retirement Nation‘, showing that the contribution made by this part of society is not fully recognised. It called on the government and society to do more to understand their emotional, health and financial requirements.
On a regional basis, MGM Advantage’s research reveals that, on an annual basis, the average retired person in the East Midlands provides around £1,522 worth of time caring for members of their family, which is the highest amount for any part of Britain. This compares to £667 in London, which is the lowest in the country.
|Region||Number of average hours a year retired people spend on caring for grandchildren and others members of their family||Financial value of this||Combined financial value|
|East Midlands||292 hours and 46 minutes||£1,522||£1.47 billion|
|Scotland||302 hours and seven minutes||£1,504||£1.50 billion|
|Wales||291 hours and 43 minutes||£1,496||£742.30 million|
|West Midlands||264 hours and 41 minutes||£1,404||£1.31 billion|
|Yorks/Humbs||264 hours and 41 minutes||£1,378||£1.52 billion|
|North West||259 hours and 29 minutes||£1,260||£1.93 billion|
|South West||223 hours and five minutes||£1,197||£1.42 billion|
|South East||209. and 12 minutes||£1,036||£1.80 billion|
|Eastern||201 hours and 14 minutes||£1,023||£1.14 billion|
|North East||271 hours and 26 minutes||£1,102||£732.16 million|
|London||222 hours and two minutes||£667||£649.22 million|