Grandparents save mothers and fathers in Milton Keynes a staggering £8,000 a year by babysitting their children and driving them around.
Almost a quarter of families in Milton Keynes (22 per cent) see their grandchildren once a week but usually end up ‘working’ by looking after them and playing chauffeur.
The dedication of the estimated 1.2 million grandparents in the South East saves British parents £4.7 billion a year, which adds ups to an eye-watering total of £56 billion across the UK.
This is because they babysit for an average of eight hours a day at least 76 times a year - saving Milton Keynes parents a staggering £7,615.69 in annual costs.
The study, carried out by the family pub restaurant chain Table Table, found that more than a third of parents in Milton Keynes (36 per cent) admitted that their own parents help to avoid spending a ‘considerable amount’ of money on childcare.
Table Table also discovered that grandparents splash out an average of £989 a year on their grandchildren - buying them toys, clothes, driving lessons and contributing to educational fees.
Meanwhile, more than three quarters of Grandparents in Milton Keynes (77 per cent) are so generous they spend up to £2,000 on their grandchildren during a 12-month period.
The Table Table study found that grandmothers and grandfathers spend 96 days a year behind the wheel driving young family members around, saving parents an average of £200 on taxi fares, fuel and car maintenance.
One in six parents in Milton Keynes (15 per cent) admit to leaving their offspring with their grandparents simply to save money when they go out.
Four in ten (40 per cent) do so because they want them to have a ‘strong relationship’ with one another, and 14 per cent added it wouldn’t be worth working if they had to pay for childcare on top, the study found.
Jo Watling, Marketing manager at Table Table, said: “Grandparents are the cornerstone of British families and their effort is saving parents huge amounts of money every year.
“Without them the whole nation would struggle and it’s great to see their dedication is paying off and bringing families together.
“They are an inspiration to youngsters and I’m sure they will continue to offer to help mothers and fathers for many years to come.”
The research has been commissioned as part of Table Table’s first ever search for Celebrity Grandparent of the Year 2015. Voting is now open to the public to nominate the celebrity they think is the most deserving grandparent of 2015.
Jo Watling, marketing manager at Table Table, said: “At Table Table we want to celebrate all members of the family, including those of the older generation, which is why we’re searching for the nation’s favourite celebrity grandparent.
“We’re excited to announce the search is now on for the Table Table Celebrity Grandparent of the Year 2015. It’s the first of its kind so we can’t wait to see which celebrity is voted number one.”
To vote for Table Table’s Celebrity Grandparent of the Year please visit http://social.tabletable.co.uk/grandparents.