Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

Working parents face additional £1,683 monthly childcare costs during summer holidays

by August 13, 2024
August 13, 2024
Working parents face additional £1,683 monthly childcare costs during summer holidays

New research has revealed the significant financial burden faced by UK working parents during the summer holidays, with childcare costs soaring by an average of £1,683 per month.

This increase in expenses is forcing many parents to reconsider their work options, with some unable to stay in employment due to the lack of flexible working arrangements.

The survey by the Phoenix Group highlighted that over two-fifths (41%) of working parents experience a steep rise in childcare costs during the school holidays. Younger parents, aged 18-34, are particularly hard hit, facing an average increase of £2,218 per month, which represents a substantial 67% of their average monthly household income. With the average monthly household income in the UK standing at £3,277, the financial impact is profound, covering over half (51%) of the average household’s monthly income.

The research also underscored the challenges posed by the lack of flexible working arrangements. Many parents struggle to balance work and childcare, with 64% expressing a desire for more flexible work options during the school holidays. Despite this, nearly two-fifths (38%) of working parents have been denied the ability to work flexibly during these periods, and 39% feel they cannot work because they are unable to find a job that accommodates their childcare needs.

Catherine Sermon, Head of Public Engagement and Campaigns at Phoenix Insights, emphasised the importance of flexible working in enabling parents to manage childcare effectively: “Flexible working arrangements can be powerful in enabling working parents to effectively manage their childcare responsibilities during the summer. However, as childcare costs rise sharply during the summer holidays, parents face financial pressures that may push them to choose between working or caring for their children.”

Sermon further noted that the ability to work flexibly is crucial in addressing the under-saving crisis in the UK, particularly for women who are more likely to leave the workforce due to caring commitments. This extended time out of the workforce can exacerbate pension shortfalls, leaving millions vulnerable to financial hardship later in life.

The value of flexible working is further highlighted by the fact that 41% of those who currently have this option would consider quitting if it were no longer available. Additionally, over half (55%) of parents indicated they would benefit from the ability to work remotely during school holidays, yet many are not afforded this option.

Read more:
Working parents face additional £1,683 monthly childcare costs during summer holidays

0
FacebookTwitterGoogle +Pinterest
previous post
Sir Charles Dunstone injects £65m to save TalkTalk from collapse
next post
Getting to Know You: Brad Walker, founder of Adaptive Accountancy

You may also like

5 Common Phone Scams

December 16, 2022

What Should You Pack for a Vacation to...

September 27, 2024

Mike Ashley demands to take charge at Boohoo...

October 24, 2024

Advantages of choosing a PET bottles manufacturer

August 3, 2024

UK SME cyber threat concerns on the rise...

October 10, 2023

Disney’s British Subsidiary Makes a Comeback with West...

August 20, 2023

Holly Matthews: Actress Turned Self-Development Coach and Bestselling...

August 1, 2024

Wilko plans to cut 400 jobs as part...

February 16, 2023

Unlock the Entrepreneurial Power of ADHD: Strategies and...

October 31, 2023

Milestone achievement reached as £1 million worth of...

June 1, 2023

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • HMRC inheritance tax investigations surge 37% as treasury seeks to plug revenue gap

      June 9, 2025
    • Believ secures £300m to roll out 30,000 public EV charge points across the UK

      June 9, 2025
    • US and China hold London talks to ease trade war tensions

      June 9, 2025
    • British fathers urged to join landmark ‘dad strike’ over poor paternity leave

      June 9, 2025
    • IVF parents should have right to paid fertility leave, says GMB union

      June 9, 2025
    • Reform UK clashes with Bank of England over interest payments to lenders

      June 9, 2025

    Categories

    • Business (8,158)
    • Investing (2,019)
    • Politics (15,571)
    • Stocks (3,136)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved