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Parents Could Save Up To £4bn On Summer Childcare With Support From Relatives

25 August 2015

Research(2) from Sainsbury’s Bank reveals that a significant number of families will support each other and rely on relatives to help provide childcare this summer. The findings indicate that over 18 million people in the UK planned  to provide an average of six and half days of care for their relatives’ chilldren, a total of 117 million days.

64% of people who will look after their relatives’ children will spend about the same amount of time doing this as they did last summer,  however, 7% will spend ‘significantly more’ time and 12% will spend ‘slightly more’ time.(2) 9% said they expect to spend less time looking after their relatives’ children and 9% didn’t know how much time they would spend.(2)

If parents had to pay the market rate for these 117 million days of summer child care it would cost them over £4 billion(1). The supermarket bank’s research reveals that the majority of relatives (63%) are providing the care free of charge. One in ten say they will charge for up to 20% of their time and a further 14% will charge for between a fifth and a half of their time (2). Only 9% will charge for more than half of the time they spend looking after the children of relatives this summer.(2)

The research also looked at other plans that families had for summer: 57% intend to enjoy time together at home; 42% will have family days out, such as going to theme parks and having picnics; and 38% intend to have informal family gatherings like barbecues and summer parties.(2)

The task of looking after children of relatives this summer falls across all age groups.  Almost half (46%) of people aged 18 – 34 expect to spend some of their time this summer doing this, as do one in three (34%) of those aged 55 and over. (2)

Simon Ranson, Head of Banking at Sainsbury’s Bank said: “We all look forward to summer and the chance to spend more time with family and friends, but entertaining the kids for six weeks or more can be challenging and costly, especially for working parents.

“Our research tells us that families are not only spending time together and having fun but also supporting each other as much as they can to help spread the cost of childcare across the summer. And customers can also spend their Nectar points(3)   on family days out in the UK from theme parks to museums and bus tours to wildlife centres.”

Ends

For more information, please contact:

Jennifer Johnston-Watt, Sainsbury’s Bank on 0131 286 0779/ j.johnston-watt@sainsburysbank.co.uk Lorna Gilmour, Sainsbury’s Bank on 0131 286 0786/ lorna.gilmour@sainsburysbank.co.uk

Saira Khan, Citigate Dewe Rogerson on 0207 282 1049 / saira.khan@citigatedr.co.uk

For information on Sainsbury’s Bank credit cards call 0800 030 4429 or log onto www.sainsburysbank.co.uk/cards or pick up a leaflet instore at Sainsbury’s. Customers applying for a Sainsbury’s card should have their Nectar card ready when they apply.

Notes to editors:

(1)  Based on Sainsbury’s Bank analysis of research conducted by Opinium Research (2,004 GB adults aged 18+ online between 24th and 28th April 2015) and data from the Family and Childcare Trust.

(2)  Research commissioned by Sainsbury’s Bank and conducted by Opinium Research. Opinium interviewed a sample of 2,004 GB adults aged 18+ online between 24th and 28th April 2015. Surveys were conducted across the country and the results have been weighted to the profile of all adults.  Opinium is a member of the British Polling Council and abides by its rules.

(3)  Source: http://www.nectar.com/spend/category/days-out.points

 About Sainsbury’s Bank:

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Sainsbury’s was the first major British supermarket to open a bank, commencing trading in February 1997. The Bank benefits from a fantastic, trusted brand that enables us to combine the shopping experience with personal finance.  Sainsbury’s Bank provides a range of quality products including travel money, insurances, credit cards, savings and loans which we provide through multiple channels, including instore, by telephone and online.

Sainsbury’s Bank plc. Registered Office, 33 Holborn, London EC1N 2HT (registered in England and Wales, no 3279730) is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (register no. 184514). Sainsbury’s Bank plc is covered by the Financial Services Compensation Scheme (FSCS).