Caring for grandkids

Becoming a grandparent can be one of life’s most wonderful experiences. Everyone loves a baby and when that baby is a new member of your own family it’s a very special time.

Grandad playing cars with gandson

But it also raises questions about the role you want to play in your grandchild’s life. Do you want to take on a caring role and, if so, to what extent? What are your children expecting of you? It’s worth considering the commitment you want to make and setting up expectations early on.

What to consider

Your time

How much time can you commit to looking after your grandchild? Importantly, how much time do you want to spend? 

If you’re still working your time may be limited so it’s important not to over commit. Even if you work part-time you may not want to spend all of your time away from work babysitting. On the other hand, helping to raise your grandchild or grandchildren, may be your number one priority in your retirement plans. 

If you’re newly retired you may initially think you have all the time in the world on your hands but speak to many retirees and they’re often surprised how they found time to work. 

Your role

Do you see yourself as a babysitter, an educator, a role model, a disciplinarian, a helper to your own children – or a combination of all of these roles? In reality, grandparents take on a mix of all of these responsibilities and many more. Depending on the age of the grandchild or grandchildren, your role may include helping get them to sleep, preparing and feeding meals, taking them for walks, to the park or the library for storytime, picking them up from kinder or school, reading, playing games, singing songs and numerous other activities. 

Your costs

Formal childcare can be very expensive today with many centres charging from $70 to $185* a day and babysitter’s costing from $15 to $35 an hour. So by providing unpaid childcare grandparents are making a significant positive difference to the budget of their grandchild’s parents. If you’re happy to provide care for free you could always ask for your kids to put money towards things like petrol if you’re doing pickups or entrance fees to activities. Of course, many grandparents are happy to contribute financially if they’re in a position to do so. 
 
If you’re the primary carer for a grandchild, and are receiving an income support payment, you may be able to access Government support such as the Grandparent Child Care Benefit to assist with the costs of child care. Visit the website for details or ring the Department of Human Services Grandparent Adviser on 1800 245 965. 

Your rewards

Despite some of the challenges, caring for grandkids can be a wonderfully rewarding experience. Helping a little child grow and develop is enriching and can even provide health benefits for the carer.^
A study by Perth’s Edith Cowan University found that grandparents who looked after their grandchildren survived five years longer than those that did not. The main theory why is that doing something purely for the benefit of someone else is good for you. Researchers said grandparents who are responsible for their grandkids may also be fitter and have better diets because they want to stay healthy for their grandkids. Doing something for someone else also makes us feel happy, and happier people cope better with stress.

References

*www.careforkids.com.au/child-care-articles/article/77/how-much-does-child-care-cost
^www.smh.com.au/lifestyle/health-and-wellness/caring-for-grandchildren-can-increase-lifespan-by-five-years-study-says-20170112-gtq99t.html

Any general advice has been prepared without taking into account your objectives, financial situation or needs. Before you act on any general advice, you should consider whether it is appropriate to your individual circumstances. Before making any decision, you should obtain and read the relevant Product Disclosure Statement and Target Market Determination or call us on 1300 033 166 for copies of these documents. You may wish to consult an adviser before you make any decisions relating to your financial affairs. To speak with an Adviser from TelstraSuper Financial Planning call 1300 033 166.