Personal Finance

Break set to put pressure on finances

Parents in the UK will spend a total of £3.5 billion on childcare and entertainment during this year's school holidays, a new report has revealed.

The Easter break, as well as a succession of bank holidays, will place parents under a lot of financial pressure as the cost of keeping children busy will average at £267 per child.

Research for insurance, retirement and investment group LV= found that one in 10 parents is worried about how they will afford the additional costs of this year's bank holidays.

However the poll, which questioned more than 2,000 adults for the Cost of a Child report, also found that 51% of parents are happy about having two bank holidays close together as they will be able to spend more time with their family.

Parents said they are looking at cheaper options like visits to the cinema, trips to visit family and friends, and watching DVDs at home to keep children entertained during the break.

The report also revealed that the extra bank holiday for the royal wedding on April 29 will add £206 million to the UK's bill for childcare and entertainment this year.

Sam Jackson

Money Dashboard