Recent research highlights the financial burden of childcare during UK school holidays.
- Parents grapple with over £1,683 increase in monthly childcare costs.
- Young parents face even steeper childcare expenses due to age-specific challenges.
- Lack of flexible work options exacerbates financial pressure on working parents.
- Flexible work arrangements emerge as crucial for managing childcare and employment.
Recent research underscores the growing financial strain on UK parents in managing childcare requirements during school holidays. The Phoenix Group’s findings reveal that over two-fifths of working parents face increased childcare costs during this period, with an average rise of £1,683 per month.
The impact is significantly more pronounced for younger parents, aged 18 to 34, who experience an average monthly increase in childcare expenses of £2,218. This cost hike represents over half of the average UK household income, illustrating the severe economic pressure on this demographic.
The absence of flexible work arrangements intensifies these challenges, leaving many parents struggling to balance their professional and childcare responsibilities. Approximately 64% of UK adults express a desire for more flexible working options during school holidays to alleviate childcare costs, yet many are denied this possibility.
Catherine Sermon from Phoenix Group emphasises that flexible working can enable parents to manage childcare more effectively, thereby addressing the broader issue of financial insecurity. She notes that ensuring access to work is essential in combating the nation’s under-saving crisis, particularly for women who may leave the workforce due to caregiving commitments.
The importance of flexible work is evidenced by the fact that 41% of workers with such options would consider leaving their jobs if flexibility were removed. Furthermore, 55% believe they would benefit from remote work during school holidays but lack the opportunity. Phoenix Group advocates for better dialogue on flexible work benefits, launching practical podcasts to guide employers and employees.
Flexible work arrangements are pivotal in mitigating the financial and professional challenges faced by UK parents during school holidays.
