New survey showed three quarters of parents are worried about the costs of the school holidays, with 36% of parents taking up extra hours.
As we approach the summer holidays, families are starting to feel the pressure of the financial strain to fund days out, eating out, bigger shopping lists and childcare.
Life insurance broker Reassured has conducted a nationwide survey of 1,000 British parents to discover if parents can comfortably afford their children’s school holidays and how much parents spend on typical factors during the holidays such as holidays away, food shops, summer camps, childcare and more and the results are astonishing.
The study reveals three quarters (75%) of parents worried they can’t afford the school holidays, and over a third (35%) of parents take on extra hours at work just to be able to afford the extra costs of school holidays.
Phil Jeynes, Director of Corporate Strategy at Reassured said, “We know that many people in the UK are feeling the financial strain of the cost-of-living crisis, and it’s concerning to see [what] parents are having to spend per week on various expenses for their children during the school holidays.”
With £39.3 billion of financial government support being spent between October 2022 and March 2023 to cover household and business energy costs in the UK, it has been the highest amount ever provided by the government to subsidise household bills in UK history. So, with basic needs like these needing government backing, where does this leave money for parents to cover the school holidays?
As well as providing kids with a joyful experience during the holidays, it seems parents feel external pressure to create joyful experiences with nearly half of the parents in the survey (48%) revealing they feel pressure to offer their children the same experiences as their peers during school holidays. This result in over quarter revealing they’ve had to borrow money to keep up.