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School summer break 'costs parents £370m'
15.07.2008
Entertaining children over the school summer holidays could cost UK parents over £370 million, new research suggests.
Families may wish they had been placing extra cash into savings accounts over recent months, as the research from Alliance & Leicester finds only one in twenty parents is saving specifically for child-related expenses.
It says parents will face costs such as DVDs, video games and cinema tickets during the long summer break.
Hetal Parmar, manager of savings at Alliance & Leicester, states: "It's worrying to see so few people saving specifically for entertaining children over the summer, as being unprepared could mean funds drying up before the summer's out."
Even smaller savings can build up to a "nice sum", Mr Parmar adds.
Yesterday, separate research from Nationwide suggested less than half of consumers are making regular savings.
It found nearly two-thirds of people are saving less than they think they need to.
Families may wish they had been placing extra cash into savings accounts over recent months, as the research from Alliance & Leicester finds only one in twenty parents is saving specifically for child-related expenses.
It says parents will face costs such as DVDs, video games and cinema tickets during the long summer break.
Hetal Parmar, manager of savings at Alliance & Leicester, states: "It's worrying to see so few people saving specifically for entertaining children over the summer, as being unprepared could mean funds drying up before the summer's out."
Even smaller savings can build up to a "nice sum", Mr Parmar adds.
Yesterday, separate research from Nationwide suggested less than half of consumers are making regular savings.
It found nearly two-thirds of people are saving less than they think they need to.