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Cost of entertaining children revealed

New research has revealed the amount spent by the UK's parents on keeping their children occupied during the summer months.

According to the survey by Abbey Current Accounts, parents plan to spend an average of £741 on entertaining their offspring over the summer, costing the country's mums and dads a collective £4.7 billion.

However, the actual price is likely to be even higher, as 41 per cent of parents said that they had underestimated the amount spent on activities such as holidays, days out, sports equipment and toys last year.

"Kids can be pretty demanding and summer holiday boredom is difficult to budget for," said Steve Shore, head of banking at Abbey.

"There are plenty of ways to keep children entertained, but these can be costly and parents can get caught out by unexpected expenses," he added.

Holidays cost an average of £737 per family, the research shows, suggesting that some parents may wish to use a personal loan in order to meet the demand of summer expenses.

Summer is also a busy time for homemovers, with a recent survey by Nationwide revealing that 210,000 mortgage borrowers changed residence during the summer months last year.

See how much you could borrow with a Lombard Direct personal loan.

09/07/2007 16:33:08

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