16 Aug 2024
Research published by insurer Phoenix Group has revealed that childcare costs for working parents have risen during the summer holidays by an average of £1,683 per month.
According to the research, the rise in costs is forcing parents to reconsider their work options and patterns, with many citing a lack of flexible working options as being a barrier to employment.
41% of parents surveyed said they experience a rise in childcare costs during the school holidays. 51% said that childcare costs take up more than half of their household's monthly income.
64% of parents stated that they would like more flexible working options during the summer holidays.
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. 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.'