Research indicates that two-fifths of working parents in the UK experience a significant increase in childcare costs during the school holidays, averaging an increase of almost £1,700 per month compared to term time.
A survey conducted by Phoenix Group revealed that the average monthly cost of childcare and children's activities is £1,683 higher during holidays, which represents 51% of the average UK monthly household income. Younger parents aged 18-34 are particularly affected, facing an average increase of £2,218 per month.
The lack of flexible working arrangements exacerbates the financial burden on parents, with two-thirds of UK adults expressing a desire for more flexible work options during school holidays to help manage childcare costs. However, 38% of respondents reported being denied flexible working arrangements during this period.
Catherine Sermon from Phoenix Insights emphasized the need for flexible working to help parents balance their childcare responsibilities. She noted that rising childcare costs during the summer holidays put financial pressure on parents, forcing them to choose between work and caring for their children.
Ensuring that parents can work while managing childcare is crucial to addressing the UK's under-saving crisis, particularly for women who are more likely to leave the workforce due to caregiving duties. The survey found that 41% of those with flexible work options would consider quitting if these arrangements were no longer available.
More than half of the respondents indicated that they would benefit from the ability to work remotely during school holidays but currently do not have that option.