Parents forced to borrow money to fund school summer holiday activities

New research has revealed how the cost of living crisis will hit parents this summer as kids across the UK get ready to break up from school. Household budgets are increasingly being stretched, and parents say they’ll be feeling the pinch as schools close for the holidays.

The survey has found that parents of school age children are having to resort to desperate measures to keep their kids entertained during the summer holidays – more than half (53%) say they have borrowed money from a friend or a relative, and more than two-thirds (67%) said they have taken on an extra job to earn more money.

The research, commissioned by Asda. also highlighted the general concern parents feel as we head towards the summer holidays. More than half (56%) said they thought the cost of keeping children entertained during the summer months was very expensive, and worryingly 14% of parents said it was unlikely their children would be able to do anything at all. Furthermore more than three quarters (78%) of UK parents said they are going to cut back on the amount of activities for their kids during the summer to help with costs, and 67% said their child would be embarrassed or ashamed if activities were cut because they couldn’t afford them.

Aston spoke to TV presenter and finance expert Jasmine Birtles.

Photo by Colin Watts on Unsplash