Is debt due to school holidays ?
Parents expecting to finish the kids’ summer break up to £500 in debt due to increased food and entertainment spend
New research reveals today that parents expect to be plunged into debt as a result of the expense of the school holidays with the average grocery bill set to increase by £25.18 per week. When combined with associated costs of entertaining their children, the average parent is predicted to be £126.95 in the red over the course of the holiday while eight per cent will end up between £250 and £500 in debt.
Parents are predicting spending an average of £31.59 per child per week extra over the course of the summer holidays on food, entertainment, childcare and days out.Almost one in five parents, (18 per cent), are dreading the holidays due to these money pressures, with over half, (53 per cent), more concerned about the financial impact of the break than they were last summer.
The study, released by Morrisons, was conducted among more than 1,600 members of the Netmums community, and found that parents are turning to desperate measures to cope with the financial toll of the holidays. In order to help cover these additional expenses, almost a fifth of parents, (17 per cent), will resort to selling or pawning possessions, with 15 per cent borrowing on overdrafts or credit cards and 12 per cent borrowing from friends or family. Over half of parents, (53 per cent), are also planning to take on additional work for the summer, with the average parent working an extra 4.9 hours per week, and seven per cent due to work over 15 additional hours per week.