13 July 2007
The cost of entertaining children this summer will set UK parents back around 4.7 billion, it has been revealed.
According to research by Abbey, working parents across the UK will be forced to pay out hundreds of pounds over July and August to keep their little ones entertained.
Parents now expect to spend around 1,300 on entertaining their children over the summer, with holidays abroad costing around 730.
What's more 41 per cent of adults underestimated the cost of the summer holidays last year, suggesting that a personal loan would come in very useful.
"Kids can be pretty demanding and summer holiday boredom is difficult to budget for," Steve Shore, Head of Banking at Abbey said.
"There are plenty of ways to keep children entertained, but these can be costly and parents can get caught out by unexpected expenses.
"It's important that families try to set aside some extra cash in advance of the summer holidays, just in case," he added.
In 2006, working parents spent an average of 50 per week per child on child care arrangements, including babysitters and activity centres.
Parents with two children spend up to 600 on two children over the course of the six weeks.
While many parents go into their savings to cover the costs of holiday care, a third of parents rely on credit cards or loans to see them through.
© 2008 Adfero Ltd
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