A finance expert from the BBC has revealed that grandparents in the UK can potentially secure a financial boost of £6,600 by looking after their grandchildren. During an appearance on 'BBC Morning Live', Laura Pomfret explained the little-known benefit known as Specified Adult Childcare Credits, which allows grandparents to claim credits towards their National Insurance contributions for the times they provide childcare. This program is particularly beneficial for those who want to ensure they receive the maximum state pension in future.

Many grandparents actively participate in their grandchildren’s care, especially during school holidays, and this support plays a crucial role for many families. However, the financial support available through the Specified Adult Childcare Credits scheme is not widely acknowledged or claimed by families, potentially leaving many unaware of the benefits they could receive. The scheme is designed to fill gaps in National Insurance contributions that could have occurred if the individual were not able to work while providing care.

In order to qualify for the maximum state pension, currently amounting to £230.25 per week, individuals need a minimum of 35 qualifying years of National Insurance contributions. The credits earned through this program serve to help grandparents make up for those missing years, thereby enhancing their eventual pension receipts. This opportunity emphasizes the importance of awareness regarding financial benefits available to caregivers, particularly as demographic shifts within the UK lead to more grandparents taking on childcare roles.