How are parents funding extra childcare costs over the summer?
One in three families will need to pay for additional childcare during the summer holidays, new research from Go.Compare reveals. By Vicki Shaw
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Your support makes all the difference.Childcare costs can eat significant chunks out of families’ budgets at the best of times, but during the summer months there are often extra hours to pay for while parents continue to work.
Around one in three (34%) families will need to pay for additional childcare during the summer holidays, a new survey of parents for comparison website Go.Compare indicates.
Two-fifths (42%) of parents within this group say they’ll have to dip into savings.
For some, it could mean taking on additional debt, with three in 10 (30%) parents paying extra for childcare expecting to lean on a credit card for support.
It’s little wonder then, that more than half (54%) of parents say they’re concerned about increased childcare costs over the summer.
Grandparents are playing a key part in childcare arrangements, researchers found, with just over half (51%) of parents saying they rely on grandparents for help.
It’s often a wider family effort, as nearly a quarter (23%) of parents say aunties and uncles help them out, according to the survey of more than 800 parents of children aged five to 12 years old by Maru/Blue.
Matt Sanders, a money expert at Go.Compare, says: “As a father of two young children, I know how difficult it is to juggle the summer holidays with many of us depending on grandparents, extended family, and friends to bridge the gap.
“So, it’s not surprising that around a third of us have to find the funds for additional childcare, but it is concerning that so many have to use their savings or depend on credit cards to cover the costs.
“With the cost-of-living crisis, finding a way to plan for the extra expenditure to cover the summer holidays might help families cover the costs.”
As well as general budgeting, he suggests that parents could try “pooling” summer holiday cover.
He suggests: “Make a deal with a few friends to look after each other’s children a day a week during the holidays and they do the same back.
“That way you are helping each other, the children have fun with their friends, and you aren’t spending extra on childcare.”
It’s also vital to make sure you’re not missing out on any support with paying for your childcare. More information is available at childcarechoices.gov.uk.
And some grandparents caring for children may be entitled to credits that could top up their retirement income. More information about specified adult childcare credits can be found on the gov.uk website.