Spending on keeping children entertained during the half-term holidays looks set to drop this week, after a poll revealed that many families plan to spend less than last year amid wider debt management worries.
The current economic recession has forced parents to tighten their purse strings and spend less on entertaining children during the half-term holidays, as they worry about the debt problems they may be left with.
Findings from the OnePoll study revealed that parents budgeted to spend on average £92 for trips out and other treats this week, less than half of the £185 from the same time last year.
Many parents have expressed that they intend to make other cut backs in order to fund the entertainment of their children this week with 27 per cent giving up eating out, 25 per cent not buying new clothes and 23 per cent cutting back on the weekly food shop.
The research, on behalf of Moneysupermarket, also found that 61 per cent of families planned to use discount vouchers to reduce their spending.
Sian Harrison, from moneysupermarket.com, said: “Despite the tightened purse strings, parents are not letting kids go without this half term.
“By using (discount) vouchers, parents can save up to 50 per cent on restaurants and popular attractions like Alton Towers and Chessington and still have a fun day out with all the family.”
Ivan Cooper, Chairman at debt advice specialists Chiltern, said: “The added strain of household budgets caused by having to entertain children for a week can sometimes unbalance finances, so parents need to budget carefully to ensure they do not overstretch themselves.
“By seeking special offers and discounts that are available, debt problems can be avoided, however don’t be tempted to splash out and build up a large credit card debt.
“Spending in this way can create a higher risk of developing future debt management issues, as the debt still needs to be repaid and interest and charges can make it an expensive way to borrow.”
