School is out for the summer and this can only mean one thing – expensive childcare and entertainment. New research has found that UK parents will collectively spend £8.3 billion to keep their kids busy during the next 6 weeks.
Parents are set to spend £660 on average, per child over the summer holidays.
The ‘Cost of a Child Report’ from protection specialist LV found that over a third of parents say the costs of school holiday care are unaffordable.
The average school holiday break lasts for 42 days with parents spending an average of £110 per child, per week to keep them busy.
Almost half of the parents surveyed said they will need to pay for childcare during the summer break and a staggering 93% of parents will be spending extra funds on entertainment.
Over the summer period this amounts to £660, with £414 spent on entertainment and £246 on childcare.
The report also found that parents spend a total of £14,052 on holidays for their child from birth up to the age of 21.
Over half (55%) of families will not go abroad on holiday this year and almost a third won’t have a UK holiday either.
“Understandably, many parents will be worried about how they can afford to meet the costs of childcare and keeping the kids entertained over the summer holiday period,” said Mark Jones, LV Head of protection.
“It would seem that for many, sun, sea and sand on a holiday abroad is not on the cards this year, and instead it’s the local park, pool and Peppa Pig on DVD,” added Jones.
“Many parents look to set to become extremely resourceful this summer; making use of special offers and discounts available as well as relying on extended family such as grandparents to help out with childcare.
If you need to keep the kids entertained over the summer holidays but need some quick cash to cover the expenses, a quick and easy payday loan could help.
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