Credit Card News Kids Cost More Over Summer 3068113
Kids cost more over summer
20 July 2004
New research from Abbey reveals that up to £1,200 of this is spent on childcare with a further £1,200 going towards keeping them entertained.
This means that, even before the added cost of a family holiday, parents across Britain will collectively spend around £1.78 billion on their children this school summer break.
Angus Porter, Abbey’s customer director said: “We all know that keeping children cared for and entertained during the school summer holiday can be costly and difficult to organise. If parents don’t plan carefully, the extra cost can cause real financial difficulty.”
He advises parents to “save money throughout the year” to help pay for the extra cost of the school summer holiday. Putting aside even “a small amount” will make it easier when the summer holidays start.
When it comes to funding the summer holiday bill, Abbey’s research suggests that the majority of parents don’t plan ahead, with 71 per cent taking the money out of a current account.
Abbey’s research reveals that over half (55 per cent) of working parents will take the cheapest possible option with childcare and rely on family and friends to help out.
However, a quarter (25 per cent) of working parents use up their holiday allowance or take unpaid time off to care for their kids during the school summer holiday.
As for keeping the kids amused, family and friends are saving the day again, with 88 per cent of parents taking the children on visits to see their nearest and dearest.