UK Parents to spend £8.76 billion during the 2014 summer holidays

More than two in five parents worried about how to finance summer spending

22 July 2014

Parents could spend an average of nearly £1,000 per child during the forthcoming summer holidays to cover food, days out, treats, and childcare, according to new research* from Nationwide Building Society. With 8.8 million** children in the UK aged between 5 and 16, the Society estimates that more than £8 billion will be spent during the six-week summer holiday period.

This is the second year that Nationwide has run its ‘Summer Spending’ report and shows that total parental expenditure per child is in line with the 2013 average of nearly £1,000 per child.

However, the way in which they spend that sum has changed. According to the survey, parental summer holiday spending can be broken down as follows:

  • £156 on childcare, which is significantly less than the amount that parents planned to spend on childcare ahead of the 2013 summer holidays (£390).
  • £426 on feeding each child (supermarket shops, treats, extra meals, feeding friends, parties), which is a 25 per cent increase on the estimated spend for last year’s summer period (£340).
  • £415 per child on days out, buying games/DVDs, activities and other entertainment. This equates to more than a two thirds (68 per cent) increase on what parents planned to spend a year ago (£246).

With such significant sums involved, it is no surprise that more than two in five parents (43 per cent) admit they are worried about how they are going to finance the cost of the forthcoming summer holidays. However, our survey also reveals that the way parents intend to fund the costs involved varies:

  • Nearly a quarter (24 per cent) will use a form of credit (e.g. credit card, overdraft, personal loan).
  • The same amount (24 per cent) will raid their savings.
  • Nearly three in five (59 per cent) parents will use money sitting in their current account.

Louise Lovelock, Nationwide’s Head of Savings Customer Proposition, comments: “While the summer holidays are a favourite time of year for kids, they can often create a financial headache for parents because, when school’s out, the cost of family life inevitably rises.

“However, summer doesn’t necessarily have to mean stress. Putting a small amount away each month in a savings account can help take some of the strain out of the holiday period and allow parents to enjoy some quality time with their children without the financial headache.”

Notes to editors:

* All figures, unless otherwise stated, are from YouGov Plc. Total sample size was 7,497 adults of which 1,258 were parents of children aged 5 to 16 years old. Fieldwork was undertaken between 16th - 20th May 2014. The survey was carried out online. The figures have been weighted and are representative of all GB adults (aged 18+).

** Source: ONS, Population Estimates for UK, England and Wales, Scotland and Northern Ireland, Mid-2013
http://www.ons.gov.uk/ons/publications/re-reference-tables.html?edition=tcm%3A77-322718

About Nationwide Building Society

Nationwide is the world's largest building society as well as the second largest savings and mortgage provider in the UK. It is also a major provider of current accounts, credit cards, ISAs and personal loans. Nationwide has around 15 million customers.

Customers can manage their finances in a branch, via the mobile app, on the telephone, internet and post. The Society has around 17,000 employees. Nationwide's head office is in Swindon with administration centres based in Northampton, Bournemouth and Dunfermline. The Society also has a number of call centres across the UK.

Customers can manage their finances in a branch, via the mobile app, on the telephone, internet and post. The Society has around 17,000 employees. Nationwide's head office is in Swindon with administration centres based in Northampton, Bournemouth and Dunfermline. The Society also has a number of call centres across the UK.

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