Childcare Costs this Easter to Cost £3.5bn
Entertaining children this Easter will set parents back £3.5 billion in total, new research reveals.
The Easter break along with two back-to-back bank holiday weekends will see parents spend on average £267 per child, the research by LV= predicts.
The extra bank holiday for the Royal wedding will add £206 million to the cost of looking after and entertaining children.
“All parents know that days out aren’t the cheapest option especially once you add travel costs, food and drink to the entrance fee for many attractions,” said Mark Jones, LV=head of protection.
“Despite this, I don’t think any parent would begrudge the money they do spend on their children, and many will also find savvy ways to reduce costs.
One in ten parents are concerned about affording these additional costs which will come with the bank holidays.
The Cost of a Child Report from LV= showed British parents will spend £1,429 per child over all the school holidays this year, a collective spend of £18.8 billion.
As a result of these high costs, along with tight budgets due to Government spending cuts, parents will be taking advantage of free attractions and entertaining the kids at home.
The top 10 activities parents plan to organise for their kids include taking their children to the cinema, the top family activity with 54 percent planning a trip, followed by 50 percent who will watch a DVD at home.
Research by Scottish Widows revealed 10 million Brits are sacrificing time with their family and friends to meet the rising the cost of living.
The main reason is due to a lack of free time and the need to focus on making ends meet in the current economic climate.
The LV= research showed nearly two thirds of mums and dads plan to maximise trips and visits which are low cost, and over half plan on using discount offers to make the most out of their time off with their family but not at the expense of their financial security.