Parents expect to spend over €500 keeping kids entertained this summer according to Bank of Ireland customer survey
Bank of Ireland customers have revealed the average cost of keeping the kids entertained this summer comes in at a whopping €547 per child. That cost includes extra toys, books and computer games to keep them entertained, day trips, play dates and summer camps throughout the two month summer break.
While the costs are significantly more for those who say they rely on crèche or childminders to take care of the kids while both parents work during the summer months, it would seem that 31% of respondents will avoid forking out thanks to help from grandparents or other relatives.
Summer camps are the most popular method of keeping the kids entertained with 53% saying they plan to send their child to a camp and expect to pay an average of €178 over the summer on camps. While 40% only plan to send their child to one camp in July or August, some 30% plan to send their little ones to two camps and a further 11% predicted their child would attend three summer camps this year.
71% of those surveyed responded that they didn’t put money away to cover the extra costs of the summer months and 44% said they felt under pressure to pay for certain activities, trips and outings to keep their children entertained. It isn’t all fun and games during the summer holidays though with nearly 70% of respondents claiming the kids will be responsible for helping out with household chores this summer.
For Bank of Ireland customers with children aged between 15 and 18 years of age, a streak of industriousness shows that 43% of those teens will be working to pay their own way through their summer fun. 27% will undertake babysitting, 23% will work in restaurants and 10% will work in a shop this summer.
Holidays and trips away will also serve as entertainment over the summer with the majority of respondents planning a break away at some stage this summer. 37% of customers are planning a trip abroad while 24% will holiday here in Ireland. Irish parents are still value conscious with the majority of respondents planning to spend less than €1,000 on a family vacation this year. Only 53% stated that they specifically have savings for their holiday while the majority will rely on their current account to fund a trip within Ireland or abroad. Only 10% planned to use a credit card to fund a holiday and 5% said they would get a loan.
Speaking at the launch of Bank of Ireland’s ‘Cost of Entertaining Kids This Summer’, David Ward, Head of Current Accounts with Bank of Ireland commented “With holiday season here we have a range of solutions to help parents manage those extra expenses at this time of year. With our internet, mobile and tablet banking customers can manage their incomings and outgoings easily both at home and abroad. Opening a savings account via the mobile app is also quick and easy and can help customers plan for any unexpected extras to help keep the kids entertained this summer.”
Bank of Ireland’s Cost of Entertaining Kids this Summer survey 2015 was conducted during May 2015 with a total of 277 Bank of Ireland customers aged between 30 – 50 years of age.