Summer school break costs working parents up to £2,500
New research has revealed that 1 in 3 parents are being forced to cut down on outings and activities this summer due to the cost of living crisis eating into their finances.
While salaries and commute times are traditionally top of candidates’ priorities, businesses are under increasing pressure to offer financial support and flexible working during the summer holidays – to help ease the financial burden facing working parents.
Research from Nous.co., a household finance app, has found families with two children could pay an extra £2,500 to keep them entertained and looked after during the summer holidays. More than £500 will be spent on each child for days out and activities, like sports clubs. An additional £204 will go on extra childcare during the six-week break, £297 on food treats like meals out, and £263 on shopping trips to keep them entertained – a total of £1,265 per child.
The findings come as Nous has partnered with several major employers to provide their staff with its household bills management service as a workplace benefit via Nous for Business.
Greg Marsh, CEO and founder of Nous called on employers to do all they can to help staff parents struggling with rising costs: “Working parents are dealing with high food prices, energy bills and mortgage payments. Whereas in previous years they may have had the spare cash to spend on their kids during the summer break, nowadays every penny is likely to be spoken for. The next few weeks are going to be tough for a lot of parents. Employers need to do all they can. They can look at being flexible with working hours and working from home and try to ease the financial burden with extra benefits for their employees.”