As millions of British consumers continue to deal with debt management problems, new research has shown that entertaining children during the school holidays can be a costly business.
Figures from Sainsbury’s Bank show that British parents typically plan to spend more than £500 on keeping their children happy during the summer months.
In addition, the collective total of £5.29 billion spent on children while schools are closed suggests that for many households around the country the holiday period can prove to be an expensive one.
Claire Moyles, life insurance manager at Sainsbury’s, said: “It’s so easy to underestimate how expensive it is to look after a child.”
“Kids depend on mum and dad for everything, not just during the holidays, but throughout their whole childhood. Parents need to consider how their families would cope financially should something happen to them,” she added.
A report from F&C Asset Management recently suggested that financial constraints are making it increasingly difficult for British parents to help their children avoid debt while studying at university.