Parents set to spend £8.6 billion on their children this summer

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With the school holidays imminent, the Cost of a Child report from protection specialists LV= calculates that UK parents will spend £8.6 billion over the summer break on childcare - £3.2 billion - and entertainment - £5.4 billion.

The pressure for parents is really on as family finances are squeezed harder than ever and the prospect of six weeks spending on the kids is a daunting one.
Earlier this year a report by LV= found that on average, parents will spend £210,000 in total to raise a child from birth to age 21. And with their estimations of parents spending an average of £110 per week on each child during the holidays, it's easy to see how things add up.

With an average break of 42 days, that means parents are spending £660 per child for the whole summer holiday - £414 on entertainment costs and £246 on childcare.

Nearly half of UK parents say they will need to pay for childcare during the summer break and a massive 93 percent will be spending extra on entertainment. Over a third said that the costs associated with school holidays this year are unaffordable.

To combat these rising costs, one in ten of all parents will be relying on family, including grandparents, to look after their children for free.
No overseas holidays
Over half of all parents with children under the age of 18 years said that this year they will not be taking any holidays abroad and nearly a third of families will not even be having a break in the UK.
Low-cost activities
Parents are being forced to become more creative in keeping the kids entertained and financially savvy mums and dads are making the most of current discount offers with 59 percent using them to reduce the costs of entertainment for their children.

A further 62 percent are planning to make the most of low cost of free activities, such as museums and parks. Meanwhile two thirds of parents will be making use of activities in the home by encouraging their children to enjoy cooking, arts and crafts.
Mark Jones, LV= head of protection said: "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. 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.
"Many families will be looking at short-term measures to stretch the budget, yet it's important to keep the bigger picture in mind. For instance, cancelling insurance policies or cutting back on long-term savings could have a huge impact on a families finances. With 14% of parents saying they have recently made cuts specifically to their life, health, or unemployment insurance people could be leaving themselves and their families unprotected."

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