Parents feel the squeeze in the summer holidays, poll finds
July 13, 2007 by admin
Filed under News, News-Banking
According to an Abbey poll, British parents are finding the summer holidays financially draining.
The recently released figures show that keeping the children entertained during the long school break can cost families thousands of pounds each. In total, summer holidays may have £5 billion spent on them this year in the UK.
Abbey found that over a third of families rely on others to take care of childcare, and a fifth will cut down on working hours
Steve Shore, head of banking at Abbey said: “It’s important that families try to set aside some extra cash in advance of the summer holidays.”
Head of savings Reza Attar-Zadeh agreed: “Just putting a small amount aside each month into a savings account can provide enough to cover the cost of childcare, holidays abroad or trips out for the family.”
The bank recommends families to prepare in advance for the holidays, suggesting a figure of £50 per month to be put into accounts set up specifically for the summer break.
