Working parents face greater cost pressures during the summer holidays as their childcare spend rises dramatically, according to research from Phoenix Group.
The research showed that the average monthly cost of childcare and children’s activities is £1,683 higher during the school holidays compared to term time.
This increase accounts for 51 percent of the average UK monthly household income and can prevent some parents from working.
More than two-fifths (41 percent) of working parents are affected by higher childcare costs during the school holidays.
Even higher costs
Younger parents aged 18 to 34 face even higher average costs, researchers said. This group sees an average increase in childcare costs of £2,218 per month. This represents 67 percent of the average monthly UK household income for working parents in this age group.
Despite facing high childcare costs, 38 percent of working parents have been denied flexible working in this high pressure period even though nearly two-thirds (64 percent) say they would welcome this option to save on childcare costs.
Options such as the ability to work flexible hours, in different locations or part-time working are lacking for working parents and exacerbating costs, said the Phoenix Group.
The findings, from a survey of 2,000 UK adults, prompted the group to call for greater access to flexible working.
Re-evaluation of work
Recent research from Coram Group found parents spend 2.5 times more money on holiday clubs in the summer holidays when compared to term time.
Catherine Sermon, head of public engagement and campaigns at Phoenix Insights, said: “Flexible working arrangements can be powerful in enabling working parents to effectively manage their childcare responsibilities during the summer.
“In recent years, there has been a re-evaluation of working practices and an increase in the adoption of flexible working across the UK, with managers and employees being better equipped to talk about flexible working. 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.
“Ensuring that all those who wish to work can, is critical in tackling the under-saving crisis across the UK as extended time out the workforce exacerbates pension shortfalls and leaves millions vulnerable to financial hardship. This is especially true for women, who are particularly vulnerable to leaving the workforce due to caring commitments.”
The value of flexible working to employees is clear as further research results showed that among people who have this opportunity, 41 percent said they would leave their job if this option were no longer available. More than half (55 percent) said they would benefit from the ability to work remotely over the school holidays but don’t have the option.
Sermon said: “We know that all workers, not just those with childcare responsibilities, can benefit from having flexibility at work and that there needs to be better conversations taking place about the benefits of making work work for all. That’s why we have empowered employers and employees in the workplace by creating a series of practical ‘how to’ podcasts with Timewise focusing on the art of the possible.”
