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Parents set to spend £8.6bn on their kids this summer

By Martin Fagan - news@consumerchoices.co.uk

The average cost of keeping kids entertained and in childcare over the summer holidays is £660 per child.

As the end of the school year approaches, UK parents are set to spend a collective £8.6billion over the summer break on childcare (£3.2billion) and entertainment (£5.4billion), according to the latest Cost of a Child report from protection specialist, LV=.

According to the LV= report, parents will be spending an average of £110 per child per week over the summer break, totalling £660 per child.

This total constitutes £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 93% will be spending extra on entertainment.

The pressure is on for parents, as 38% state the costs associated with school holidays this year are unaffordable. Over half of all parents with children under the age of 18 said they will not be taking any holidays abroad this year and 29% of families will not even be having a break in the UK.

To save even more money over the holidays, LV= said parents are making the most of current discount offers with 59% using them to reduce the costs of entertainment for their children and a further 62% planning to make the most of low cost free activities, such as museums and parks.

“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,” said Mark Jones, head of protection at LV=.

“Many parents look to set to be resourceful this summer by making use of special offers and discounts and relying on extended family such as grandparents to help out with childcare.

“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."

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.