Can you afford the cost of keeping kids entertained in summer?

Even when money’s tight, no parent wants their child to miss out on fun days out and activities in the summer holidays. And although the government has stepped in to help hard-pressed families, many are still looking at other ways to cover the bill, such as borrowing money.

As part of the new Great British Summer Savings scheme, the cost of tickets into popular attractions like museums, theme parks and cinemas is being cut, and under-16s in England can travel by bus free of charge during the whole of August.

While this is a welcome step, for lots of families it still won’t be enough to ease the summer holiday squeeze.

And we can see this in the number of people borrowing money to fund family activities.

Households turning to buy now, pay later

In a survey of working parents with household incomes below £50,000, we found that more than half (54%) are worried about being able to afford family activities over the summer.

Meanwhile, nearly three-quarters (72%) said they expect days out and holiday activities to be less affordable this year than last, and the same number think they'll have to cut back on trips out and experiences because of the cost.

But rather than letting the kids go without, many are turning to borrowing to pay for it all.

In fact, almost half (45%) said they’ve used credit, overdrafts or buy now, pay later (BNPL) to pay for family days out or holiday activities. 

That includes 10% who do so regularly.

And this isn’t just happening among those on the lowest incomes.

Our research shows parents across all income bands have used credit or BNPL to pay for family activities - a measure of how widespread this type of financial pressure has become.

How much does a family day out cost?

Just a quick look at the price of admission to some of the UK’s most popular attractions gives some indication of what families are facing.

For a family of four visiting Chessington World of Adventures or Thorpe Park for the day, they can expect to pay £264.

A day out at Alton Towers, meanwhile, will cost a family of four £272.

And that’s before you factor in extra costs like parking, food or fuel, and possibly the kids demanding treats from the gift shop.

Take a step back if you’re considering borrowing

Any support that helps families, like this summer’s VAT cut, is welcome.

But the reality for many is that days out, food, travel and activities costs more than they can afford.

And that’s forcing parents to make difficult choices.

Borrowing might seem like an easy way to avoid disappointing your children, but those repayments don’t disappear when the holidays end.

So if you find yourself turning to credit to pay for days out and cover everyday costs, then stop for a moment.

We’ve put together a list of 13 ways to have a cheaper summer holiday with the kids to help you make precious family memories without breaking the bank.

And if money is already stretched, getting free money advice can stop a temporary squeeze on your finances becoming a much bigger problem.