Parents are paying over £1,000 extra per week during the summer school holidays!

School holidays are a brilliant time to spend with your little ones, whether it’s at your local play park or overseas seeing them build their first sandcastle in the sun and swim in the pool. But you may wonder how much Brits need to save to cover the costs.

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?

Life insurance broker Reassured 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 that parents will spend over £1,047.20 per week during the summer school holidays on extra costs for their children. 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. Please see below the outgoings per week for parents during the school holidays:

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.

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%) revealed they feel pressure to offer their children the same experiences as their peers during school holidays. Resulting in 27% of parents revealing in the survey they’ve had to borrow money to keep up.

When looking at going on holidays it costs parents £481.30 per child for an abroad holiday and £328.40. So, it’s no wonder 36% of parents surveyed are taking up extra hours to afford school holidays and opting to send their children on holiday with family members, such as grandparents, instead of going together.

To help parents up and down the country, Parenting coach Isobel Mary Champion shares her tips ways to cut costs during the school holidays:

1. Try exploring different environments that can be reached for a day trip.

Exploring different places on your doorstep can be a great adventure and create lasting memories all whilst keeping costs in check. Why not research local rivers, hills, lakes or beaches, where you can pack a picnic and spend the day in the free outdoors.

2. Make the most of free local activities.

Look for opportunities to visit local museums, art galleries, farmers markets, adventure playgrounds, and “splash pads” (large communal paddling pools). Also, keep an eye out for any kind of free concerts, events, or fetes happening in your area, there is usually lots going on during the holidays.

3. Get down on your child’s level and see the wonder in simple things that may seem commonplace to adults.

Young children are often fascinated by activities such as going to an airport and watching planes take off, going to a railway station and watching trains pass through, going to a river or canal and looking at the boats, or taking a bus, train, or riverboat ride.

4. Explore the sensory experiences of the natural elements this summer.

Consider camping outdoors overnight, even if it’s just in your back garden. Light a bonfire or fire pit for a cozy evening and enjoy s’mores. Cook and eat outdoors, swim or paddle in a natural water source, dig in the earth and look for bugs, or plant seeds. You can also visit a local fruit farm, pick your own fruit, vegetables, or herbs, and then bake with them in the kitchen.

5. Instead of taking a holiday abroad and staying in a hotel, opt for a “stay-cation” at home.

Switch bedrooms for a total refresh and revamp. Clear out your cellar or attic space to create a new cool kid’s den. Cook your own version of restaurant favorites instead of eating out. Have a movie night with popcorn and make actual tickets instead of going to the cinema. Make your own no-churn ice cream, fruit-juice lollies, and sorbets to satisfy your summer craving for cold treats. Organise play dates with other kids, regardless of age, as all kids really need to entertain them is other kids.

Phil Jeynes, Director of Corporate Strategy at Reassured comments on the study:

“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 that parents are having to spend over £1,000 extra per week on various expenses for their children during the school holidays as highlighted by our study.

We hope that the tips we have highlighted on how to reduce expenses and create meaningful and fun experiences with your children without breaking the bank will help many parents this summer holidays.”

To find out more about the actual cost of school holidays, follow this link – https://www.reassured.co.uk/true-cost-of-school-holidays/