Nine in 10 parents opt for a 'local' summer to keep costs down. According to new research from TSB, a staggering nine-tenths (89%) of parents are trying to keep spending costs down this summer with 90% of parents planning to entertain their children within their local community.
According to new research from TSB, a staggering nine-tenths (89%) of parents are trying to keep spending costs down this summer with 90% of parents planning to entertain their children within their local community.
As the cost of keeping children entertained during the summer holidays is expected to hit nearly £250, parents are taking cost cutting measures with over two-thirds (70%) planning trips to the local park and almost half (47%) visiting the local leisure centre for sporting activities delivered by the centre or local sports clubs.
Sharing the caring locally
Nearly half of parents (44%) will be having picnics with neighbours or other parents from within their local community and just over a third (37%) will also plan local outings with friends. Many parents will also seek to keep their children amused by sharing toys and DVDs with local friends (27%) and alternating play dates with children (26%).
Interestingly, only one in five (22%) will be leaving their children with grandparents during the summer holidays, although this almost quadruples (88%) amongst parents with three or more children. It also increases to one third (32%) in London. Parents with three or more children are also increasingly likely to use other family members for free childcare during the summer holidays (95%), a huge increase on the 15% average.
Parents in the south east are the biggest spenders
Parents in the south east are the nation's biggest summer holiday spenders at £287.30, compared with only £194 in the east. In addition, dads are higher spenders (£267.20) than mums (£222.50) whilst parents with three or more children will spend £484 during the summer holidays.
Covering the cost of summer spending
To cover the cost of summer spending:
- Over a third (36%) will raid their savings accounts
- A third (34%) have saved money regularly to cover the cost
- Almost a quarter (22%) will work overtime
- A fifth (21%) will cut back on their weekly shopping trip
- And less than one in five (19%) will sell personal items on Ebay or at a car boot sale.
When it comes to days out further afield, more than half (57%) of parents are considering free visitor attractions, such as museums and exhibitions, whilst 53% are looking to subsidise paid activities with discount vouchers and special offers. Almost one half (46%) of parents will also redeem loyalty points to put towards days out for their children.
Jatin Patel, Products Director, TSB says:"Keeping the kids entertained over the summer can really add up but staying local can help parents keep costs down. This will not only boost local attractions but sharing the caring and pooling resources also enables local communities to thrive."
For parents wanting to spread the cost of the summer holidays, TSB's Platinum purchase card offers 0% for 13 months on purchases, as well as 0% for 13 months on balance transfers. To ease the financial pressure of entertaining children over the summer holidays, parents can also consider redeeming points earned through loyalty credit cards.
Notes to editors
On June 9th 2014, an online survey was conducted among 484 randomly selected British adults age 18+ who have at least one child aged 4-16 living in their household and who are also Springboard United Kingdom Community members. The margin of error - which measures sampling variability - is +/- 2.2%, 19 times out of 20. The results have been statistically weighted according to the most current data on age, gender, region, and education from the most recent census data, to ensure the sample is representative of the entire adult population of the UK. Discrepancies in or between totals are due to rounding.
TSB Platinum Purchase Card:
- 0% on purchases for the first 13 months.
- 0% interest for the first 13 months on balances transferred within the first 90 days (1% fee for Balance transfers made in the first 90 days after we open your account, 3% fee for Balance transfers made after 90 days)*.
- Representative 17.9% APR (variable).
* Minimum balance transfer is £100 and is subject to your credit limit. Balances must be transferred within 90 days of opening the account and your promotional period starts from the date we open your account.
Representative 17.9% APR (variable). Based on you borrowing £1,200** over 12 months.
Eligible purchases do not include cash withdrawals, money transfers, cheques, interest, fees or charges, Payment Protection Cover, transactions at Casinos, betting outlets or bookmakers or payments to offline or online current, savings, sharetrading, spread betting, gambling or any other similar account
**Credit limits and interest rates will vary based on your individual circumstances