You are here: Home - Household Bills - News -

Parents to spend £624 entertaining their kids this summer

0
Written by:
24/06/2019
British parents expect to spend £9.1bn entertaining their kids over the summer – an average of £624 each.

These costs have increased by 25 per cent since 2014, according to a study by Post Office Money.

Parents plan to get out and about to keep their children amused, the survey revealed.

When asked what will top their list of expenses, 42 per cent said entrance to attractions such as theme parks, 34 per cent said eating out, and 24 per cent said holidays abroad.

In addition to these costs, the average parent will spend £137 on fuel, £108 on childcare and £73 treating their children’s’ friends – potentially pushing the total summer spend to £942.

According to the survey, parents are planning ahead to cover the extra costs with half saving for more than one month and 13 per cent putting money away over the last six months.

Other parents expect to dip into their savings, use a credit card or work overtime.

One in 10 will reply on a loan from family, friends or the bank.

Chrysanthy Pispinis, director at Post Office Money, said: “It’s no surprise parents feel the pressure mounting as the school holidays get nearer, particularly as our research shows that parents have only saved 40 per cent of the costs they can expect to incur entertaining their children.

“The cost of summer has continued to rise over the last couple of years, with a growing number of parents (68 per cent) concerned about where they’ll find the money to cover these costs.”

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Everything you need to know about being furloughed

Few people had heard of ‘furlough’ before March 2020, but the coronavirus pandemic thrust the idea of bein...

The savings accounts paying the most interest

If one of your jobs this month is to get your finances in order, moving your savings to a higher paying deal i...

Coronavirus and your finances: what help can you get in the second lockdown?

News and updates on everything to do with coronavirus and your personal finances.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week

Read previous post:
Energy bills soaring despite price cap

This year is set to be the worst on record for energy price rises, with 42 price hikes in the...

Close