Big increase in childcare costs over summer holidays

Over two-fifths of working parents see total childcare costs rise over the summer holidays, with an average estimated increase of £1,683 per month, according to a new survey.

Phoenix Group’s survey of over 2,000 UK adults finds younger parents (those aged 18 – 34) are particularly impacted, facing an even greater cost – with an average increase in childcare costs of £2,218 per month. That includes the amount spent on formal childcare, as well as activities for children over the summer holidays. The average monthly household income in the UK is £3,277, the rise in cost of childcare over the summer months represents over half (51%) of the average monthly UK household income, or 67% for parents aged 18-34.

A lack of flexible working arrangements is exacerbating costs and preventing parents staying in work, says Phoenix. Three in five UK adults (64%) say they’d like the option to work more flexibly during school holidays to save money on childcare. Despite this, almost two-fifths (38%) have been denied flexible working over the school holidays and 39% feel as though they can’t work because they can’t find a job that lets them juggle childcare.

41% of those surveyed said they would quit if flexible working were no longer available. Over half (55%) say they would benefit from the ability to work remotely over the school holidays, but don’t have the option.

Phoenix Group’s Catherine Sermon, Head of Public Engagement and Campaigns at Phoenix Insights, said:“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”.

She added: “We know that all workers, not just those with childcare responsibilities, can benefit from having flexibility at work and that there need to be better conversations taking place about the benefits of making work work for all.”

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