School holidays to cost parents over £7m

Parents are set to spend £1,000 per child on childcare, days out, treats and food over the summer holidays, according to new research from Nationwide Building Society.

For the UK's 7.2 million younsters aged between 5 and 14, the total estimated spend for the 2013 summer holidays, excluding an actual holiday, is £7.2 billion.

Parents often find it difficult to juggle work commitments and childcare during the summer months and this only adds to the weekly expenditure.

Keeping kids entertained in the break costs a large amount of money and despite 36 per cent intending to go on holiday during the summer, parents still expect to spend an average of £390 per child on childcare alone. 

More than half (58 per cent) said they will rely on days out to help make looking after the children easier and are anticipating spending nearly £250 per child on things like entertainment and treats. 

Food bills will also see an increase during the holidays and is expected to cost £340 per child.

Worryingly, 40 per cent of parents are relying on grandparents and other family members for childcare while at work, while 22 per cent will use friends.

Some 61 per cent admit they will need to tap into their savings to cover the cost of keeping their kids entertained during the break. However, many adults do not have savings as they are struggling to make ends meet each month.

Unfortunately, the research found that despite 58 per cent admitting to worrying about how they will be able to afford everything, a third of parents begin to plan how they will cope in the month before the schools break up, with a further quarter making no plans at all.

Richard Marriott from Nationwide said: "It's inevitable that when the kids are not at school, the cost of normal family life rockets. Whether it's the price of childcare, days out, having friends over, entertainment or food, most parents will feel some impact on their pockets."