Five Times Grandparent Childcare Credits Aren't Worth It

Millions of grandparents across the UK provide childcare, often without compensation. New government childcare credit schemes aim to help, but are these credits always worthwhile? Financial advisor Kate Co, founder of Nugget We, recently shared five instances where they may not be. "If the grandparent already has 35 qualifying years of National Insurance contributions, additional credits won't increase their state pension beyond the maximum amount," Co explains. She also points out that if the grandparent has reached state pension age, backdating is possible but limited. In other cases, the credit might be more beneficial to the parent on maternity leave. Co's video highlights the complexities of these schemes and encourages careful consideration before applying.