School holidays mean debt for parents

Published on 20/07/2012 02:01

Almost two-thirds of parents expect to find themselves in debt from having the children home during the school holidays, according to a poll.

Of the 64 per cent predicting holiday debt, the average parent will overspend by £126.95 while 8 per cent will rack up a debt of between £250 and £500, the survey for the Morrisons supermarket chain found.

Almost a fifth of parents (18 per cent) say they dread the holidays because of money pressures.

The poll of 1,600 members of the Netmums website found that parents are expecting to spend an average of £31.59 more on each child per week over the holidays on food, entertainment, childcare and days out.

Some 17 per cent said they will sell or pawn possessions and 15 per cent will borrow on overdrafts or credit cards to pay for the extra expenses.