Parents can save up to £2,700 with simple childcare change
Parents are being advised they could cut their childcare expenses by up to £2,700 this summer by sharing the costs with other families.
As the school holidays approach, many parents find themselves spending more for childcare, particularly if they need additional support. However, parents can ease the financial pressure with nanny sharing.
This clever arrangement involves two or more families hiring the same nanny, who can either look after all the children together or divide their time between the households. Not only does this significantly cut down on costs, but it also makes the option of having a nanny far more accessible.
Nannywage's director Robert King explained: "Nanny rates vary widely, with averages ranging from £11 to £14 per hour across the UK. In London, where demand is higher, rates typically range from £15 to £16 per hour. Families hiring full-time nannies often face weekly costs of £400 to £750."
How to save with nanny sharing
Robert added: "Nanny sharing is a smart and cost-effective way for families to manage childcare expenses without sacrificing quality. Across the UK, sharing a nanny who typically charges £11 to £14 per hour could reduce individual rates to £5.50 to £7 per hour per family.
'In London, where hourly rates are higher, sharing costs can lower rates to £6 to £9 per hour."
Summer holiday savings
He continued: "Over the six-week school summer break, a private full-time nanny in the UK could cost between £2,640 and £3,360. With a nanny share, these costs drop to between £1,056 and £1,680 per family, saving parents anywhere from £1,584 to £2,160 during the holidays. For many, it's an ideal solution that balances affordability with high-quality childcare.
"In London, where nanny rates are higher, parents can expect to pay between £3,600 and £4,500. Sharing a nanny brings this down to between £1,440 and £2,700 per family, making it a practical option for managing costs."
Clear agreements in nanny sharing
"Nanny sharing helps families split costs fairly while benefiting from high-quality care. Each employer should have clear agreements and separate contracts outlining schedules, holidays, and expectations. With proper planning, families can make sure the arrangement is both cost-effective and compliant with employment laws."
Split tax codes and NI contributions
"Families sharing a nanny can save money while managing tax and payroll responsibilities smoothly. By splitting tax codes and National Insurance contributions proportionally, parents only pay their share of the nanny's costs. Professional payroll services can handle these complexities, ensuring compliance with HMRC and giving families peace of mind."
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