Summer to Cost Families More than £2,000 in Extra Costs
For Immediate Release: Friday 6th August, 2010 Contact: Dale Lovell Tel: 01753 859 588 E-mail: dlovell@searchnewsmedia.co.uk Summer to Cost Families More than £2,000 in Extra Costs The summer holiday period is traditionally seen as a time to relax and unwind, but new research shows that the average family will need to find more than £2,000 in extra money to live this summer. Research from leading payday loans broker Payday Bank has found that on average UK families will need to find an additional £2,273 to cover the day-to-day costs of the summer months. Costs for items such as days out, childcare for working parents and a week’s family holiday, which the Joseph Rowntree Foundation recently included as part of one of life’s essentials, adds to the financial burdens parents have to carry over the summer months. The average cost to working parents who need to find childcare options is on average £558,* while taking a family day trip is likely to cost £60 per trip, so while most families intend taking four day trips this summer, this adds up to a costly £420 per family on day trips alone.** Summer holidays are likely to cost £1,295 on average, ** bringing the average total needed to £2,273 over the summer period. Families with school age children are increasingly penalised by spiralling costs over the summer months. Research by Santander Cards found that holiday prices increase by an average of 38 per cent from mid-July, when most schools haven’t yet broken up, to mid-August, when all schools are on holiday, for foreign holidays and up to 30 per cent for UK holidays. Commenting on the increased cost of summer holiday expenses, Ohad Hessel from Payday Bank says; “The additional financial burden on modern families over the summer months can be crippling, especially given the current economic climate. But many parents will feel torn between wanting to spend quality family time with their children, ensuring they have a special summer, and managing the family budget. “For short term cash-flow problems and one-off spending, for example on day’s out and family holidays, a payday loan can often be the best way to pay if you know you will be able to repay the money quickly.” 32% of Brits plan on using a credit card, a travel agent payment plan or borrow cash from family or friends to fund a holiday.*** “If you use an unauthorised overdraft to help fund a holiday you'll be hit with fees and your credit rating could be damaged, while if you use your credit card debt it is easy to pile up debt problems for the future. Payday loans are now mainstream financial products used by thousands of satisfied customers looking for a fast, hassle free form of affordable short term credit and they can help daily summer expenses for families.” Notes: * the RIAS ‘Summer Holiday Helpers’ study has found. http://www.paydaybank.co.uk/news/?p=330 ** Nectar Credit Card by American Express research. http://www.paydaybank.co.uk/news/?p=318 *** Bright Grey survey. http://www.paydaybank.co.uk/news/?p=305 Joseph Rowntree Foundation Research: http://www.jrf.org.uk/media-centre/MIS-2010 About Paydaybank.co.uk: PaydayBank was established in 2005 with the aim to help as many customers as possible with their short term cash needs. Applicants must be UK residents and over 18 years old and in employment. For more information contact Dale Lovell on 01753 859 588. E-Mail: dlovell@searchnewsmedia.co.uk
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