Parents braced to fork out £1,000 for childcare and activities over the summer holidays
Parents expect the summer holidays to cost them up to £1,000 per child
87% of parents say the school holidays are a “burden” on their finances
63% of parents with 1-4 year olds say planning summer childcare is a source of stress
Many are looking to slash costs with free days out or asking family for help
Parents are bracing themselves for a financial hit of up to £1,000 per child over the school summer holidays, new research from Scottish Friendly reveals.
The study reveals that UK parents expect to spend an average of £167 a week on childcare and activities during the six-week break, totalling £1,002 per child.
In London, where costs are higher, this rises to £236 a week – or £1,416 over the entire summer.
The vast majority of parents – 87% – describe the summer holidays as a “burden” on their finances, with many now actively looking to cut costs.
A third (33%) plan to take advantage of free activities, such as National Trust days out, while nearly a quarter (24%) will set – and stick to – a summer budget.
Others are turning to support from grandparents and extended family (18%) or dipping into their savings (10%) for help with childcare. Some 9% intend to use tax-free childcare vouchers.
More than half of parents with children aged under 18 (52%) say planning summer childcare is a source of stress, rising to 63% among those with children aged 1-4.
Scottish Friendly’s savings specialist, Kevin Brown, commented on the data: “For many families, the summer holidays bring stress and financial strain. The cost of childcare and activities can quickly add up, especially for those with younger children. It’s encouraging to see that many parents are thinking ahead, budgeting carefully and finding creative ways to reduce costs.
“However, it is concerning that one in 10 parents will be dipping into their savings to cover the additional childcare costs over the summer holidays. If that wasn’t what the savings were originally intended for, it will mean a loss in compounded growth – for those parents it’s an unseen further cost of ensuring children are kept safe and engaged over the long summer break.”
-ENDS-
For interview requests and press photos, please contact Kevin Brown in the first instance.
Contact:
Kevin Brown, PR & Communications Manager
07512194336
Editor’s notes:
Notes to Editor:
The research that sits behind the Scottish Friendly Family Finance Tracker was conducted by the 3Gem between March and April this year. It comprises responses from 2,511 UK adults aged between 18 years and 65+.
The Scottish Friendly Family Finance Tracker sets out to track how UK consumers are managing their short-, medium- and long-term financial goals and priorities. In terms of short-term goals the focus in this wave of the research was on managing childcare costs over the Summer holidays.
Short-term financial goals were described to participants as being goals up to 6 months ahead, medium-term as being between 6 months to 5 years ahead, and long-term as 5+ years ahead.
About Scottish Friendly
Scottish Friendly is a leading UK mutual life and investments organisation. It provides its members and their families with a wide range of investment and protection solutions and provides life and investment products and services to other financial organisations.
Scottish Friendly has roots stretching back to 1862. Established as the City of Glasgow Friendly Society, its name changed in October 1992 when it took over Scottish Friendly Assurance.
Scottish Friendly, Galbraith House, 16 Blythswood Square, Glasgow, G2 4HJ
Scottish Friendly Assurance Society Limited. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
Scottish Friendly Asset Managers Limited. Authorised and regulated by the Financial Conduct Authority.