You are here: Home - Saving & Banking - News -

Childcare costs

Written by:

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.”

Related Posts


Tag Box

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.

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

The essential Your Money guide to the April 2018 tax changes

As we head into the 2018/19 tax year, a number of key changes take place to existing policies while some new i...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

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

  • Given the Brexit uncertainty, you may be looking to protect your pounds ahead of your next holiday. Here are five w…
  • If you are concerned you may miss the 31 January HMRC deadline to file your tax return, here are five excuses that…
  • Millions of Lloyds, Halifax and Bank of Scotland customers unable to make and receive payments in latest bank IT me…
  • RT @YourMoneyUK: Millions of Lloyds, Halifax and Bank of Scotland customers unable to make and receive payments in latest bank IT meltdown…
  • RT @YourMoneyUK: Millions of Lloyds, Halifax and Bank of Scotland customers unable to make and receive payments in latest bank IT meltdown…
  • Make sure you're not paying more than you need to for your #energy. Check when your fixed deal ends and pop a note…

Read previous post:
Graduate to better banking

Freebie gadgets are a useful differentiator for students choosing between current accounts, but there are other factors to consider. Pauline...