Family tourist attractions across the UK are gearing up for a share of a £7.8 billion boost this summer as the country continues to enjoy heatwave conditions.
The recently-published Post Office Summer Spending Report has revealed that parents are set to spend an average of £594 entertaining their children this summer, an increase of 25 per cent over last year’s wetter season.
Half of parents claim that they have saved enough money to cover the addition expense over the school holidays, but Post Office research suggests that most have gathered just over half of what is required – that equates to £316.
One in four parents will be putting their own saving habits on hold to get through August, especially with the 25 per cent increase compared to last year. That’s a huge increase considering that spending has only jumped 30 per cent over the last five years. Certainly almost two-thirds of parents are concerned about covering the cost.
When it comes to entertaining their children, parents expect eating out to top the list of expected expenses, followed by entrance fees to attractions, holidays abroad, treats and sporting activities. The £594 average does not include an additional £117 to be spent on fuel, £86 treating their children’s friends and £93 on childcare, taking the total up to an eye-watering £980.
The costs increase by an average of £90 for parents of children of primary school age compared to the pre-school and secondary school groups. Indeed, one in five parents began saving for the summer break in February – as soon as the Christmas bills were paid. And with many only managing to put away half of the expense, the rest will be made up from other existing savings, credit cards, overtime work or heading to eBay to sell a few items. Just one in ten will ask family or friends for a loan.
Chrysanthy Pispinis, Director, Post Office Money said: “The school holidays can put real pressure on parents’ wallets. Getting into a habit of saving in advance, and budgeting for what you think you’ll need can really help cover the cost of summer, especially as it is so easy to overspend.
“However, we recognise it isn’t always possible to save money in advance. So, if you’re not in the 30% of parents who have already saved the money to cover the cost of the summer and you find yourself running short, we’ve worked with several savvy parents to help you beat the summer squeeze. Throughout the summer, we will be sharing a series of Budget Boredom Busters – low cost, fun activities that will keep children entertained and help you manage your summer finances.”
Post Office Money has already launched the Budget Boredom Buster Challenge where 5 bloggers will be sharing their video tutorials for fun and low-cost summer activities to keep children entertained. There’s even a chance to share your own tips, with the chance of winning one of five £50 prizes – for more information head to the Post Office Facebook page at: https://www.facebook.com/postoffice/