Trips cost an average of £400 more during school holidays
Research by FairFX found that family holidays taken during the summer school break are on average £418 more expensive compared to the same trips during term time.
As a result, almost two thirds (63%) of parents would take children out of school for holiday abroad, with saving money a priority post-pandemic.
FairFX analysed the cost of 390 holidays to six popular European holiday destinations from three different holiday providers for a family of four, comparing prices in August to the cost of the same trip in September.
The investigation revealed holidays to Croatia cost twice as much in August compared to the beginning of September. Parents could potentially fork out an additional £1,422 to take a trip during the school break – an increase of 68%.
For families hoping to head on a summer break to Italy, jetting off in August could see parents paying more than £300 extra compared to departing in September. The only destination with a less significant increase was Greece, where FairFX’s investigation found prices went up by just £49 compared to term-time trips.
FairFX also explored how open British parents are to taking their children out of school for a holiday. It found almost two thirds (63%) would let their kids skip school for a family break.
Almost half (48%) cited saving money as their key motivation, while one in five (20%) believed their kids wouldn’t miss much in class from taking an early break.
When asked whether the Covid-19 pandemic has influenced their thoughts on letting their children miss school for a holiday, more than half of parents (53%) said it had. A quarter (23%) said saving money is a bigger priority, while one in five (19%) would because they haven’t been able to travel abroad for such a long time.
Ian Strafford-Taylor, CEO of FairFX, said: “It’s no secret that trips abroad tend to cost more during school holidays because of the supply and demand mechanic behind pricing strategies, but some of the price hikes facing families this summer are scandalous, with some holidays we researched up to 68% more expensive.
“Many families will be keen to keep their kids in school as much as possible after they have missed so much over the last 16 months, but in doing so, are facing hundreds of pounds being added to the cost of their holidays. It’s no surprise that saving money is a bigger priority as many families are likely to have faced financial challenges during the pandemic. But with continued uncertainty around quarantine regulations, the added cost of Covid-19 tests and summer breaks at a premium, parents are facing a triple threat.