Parents Dread the Cost of Summer Holidays
03 July 2013
A total of 33% of UK parents say they will struggle with the extra costs they incur during the holidays. According to a new survey from Canadean Custom Solutions, parents believe they will have to sacrifice the things they like in order for their children to have a happy summer holiday. Three out of ten parents will be reliant on credit cards to fund these extra expenses.
68% of UK parents with kids in school or nursery say they like to treat their kids a bit extra during the summer holiday. However, with rising everyday living costs, many struggle to pay for these extra treats. A total of 44% of UK parents say that they expect to spend at least £150 a month more on their children per month during the holiday. As such, 30% of parents say they would like the summer holidays to be shorter so it is less strain on their wallets.
The three biggest costs UK parents face over the holidays are money on treats (55%), days out (51%) and extra food and drink (49%). A total of 42% of parents say that they will have to sacrifice some of the things they like, to ensure their children have a good holiday. Nearly four in ten (36%) parents say they will look to buy cheaper groceries, while 60% will shop around more to find special offers and discounts. 28% say they will be reliant on credit cards to fund days out over the holiday period.
According to Michael Hughes, Research Manager at Canadean Custom Solutions, many parents are struggling with rising everyday living costs and the extra costs will be a genuine concern to many.
“Kids are more exposed to experiences, brands and technology at an earlier age than ever before, and are becoming more sophisticated in their tastes as a result. If parents feel they cannot provide experiences and treats for their children, they feel they are ultimately letting them down.”
Hughes points to the alarming trend that many parents are reliant on their credit cards to fund the extra expenses during the holidays.
“The fact that three out of ten parents will be reliant on credit when treating their children highlights the extent to which parents are struggling with their finances and how concerns about money and debt will continue for some time to come.”
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