Working parents will spend an average of almost £50 per week per child on care arrangements, from activity centres to au pairs, according to research from Abbey. That’s around £300 for one child for the six week break and £600 for a family with two children.
In addition to childcare costs, parents have to fund a range of activities to keep the kids entertained over the school holiday. According to Abbey, two thirds of working parents will spend up to £50 per week on each child in an effort to keep them amused, which could result in a total spend of £600 for a family with two children over the six weeks. A significant number of parents will spend even more.
As the overall cost of summer holidays mounts up, many working parents will reduce their outgoings by calling on their nearest and dearest to assist with childcare. Abbey’s research reveals that almost one quarter of working parents will arrange for their children to be left with family or friends.
Unfortunately, not all parents are able to rely on help from family and friends and have to make alternative childcare arrangements. A quarter will cut down or change their working hours to care for their kids over the summer holidays.
Reza Attar-Zadeh, Abbey’s Head of Savings said:
“Our survey shows just how financially stretched parents can be over the school holidays, both in terms of finances and time. Many will be beholden to family and friends, while others have to make alternative childcare arrangements or cut down their working hours, both of which can have a significant financial impact.
“Parents can relieve a lot of the financial burden of the summer holidays by preparing in advance. Just putting a small amount aside each month into a savings account can provide enough to cover the cost of childcare, holidays abroad or trips out for the family.”