Looming pressure on parents to spend as summer holidays approach

Feedback from Mental Health UK’s Me & Money pilot programme, which launched last year, shows that young people are experiencing additional strain on their relationship with their parents/carers because of money in the approach to the school holidays.

 

The ongoing cost-of-living crisis has continued to have a profound impact on the finances of many, and is an ever-present concern for young people. Since September 2023, the Me & Money programme has reached over 1,000 young people, with our team observing, on the approach to summer holidays, that young people often feel anxious and guilty asking their parents for money or suggesting things they’d like to do when they know household finances are stretched.

Parents and carers also face the financial burden around caring and entertaining their children throughout the extended holiday. Typically, household expenditure can increase during the summer months, as families commit to additional childcare costs, which have risen by 6% since last summer, alongside holiday activities increasing up to 15% in some areas of the UK.

Research conducted by Tesco found that one in 12 respondents said their children had to miss meals during the summer holidays due to financial constraints, a problem normally alleviated during term time by free school meals. And around 42% of families also said their children had to miss out on activities and clubs during the summer holidays due to financial worries. Research by the Salvation Army found that 43% of parents are worried about the cost of summer holidays and/or preparing children to go back to school, such as the cost of school uniforms (50% of worried respondents).

Parents can often feel both a financial and emotional burden when considering impending summer holidays and the desires and expectations their children may have based on their peers. The additional pressure in looking after children whilst working can sometimes exacerbate stress and potentially contribute to burnout. Parents also need to carve out some time and space in order to recharge for their own wellbeing.

There are numerous websites and resources that can support parents to save money. For example, if you’re planning a holiday, you can use holiday comparison websites to find the cheapest option available. There will be local summer activity schemes — a great way for younger children to socialise on a budget.

At Mental Health UK, we would advocate deeper conversations between parents and young people. As we have found throughout our Me and Money programme, it’s so important to create the space and time to have honest, open, and evolving dialogue around money with children. These conversations will help to foster financial literacy and understanding which will become increasingly important throughout their transition to adulthood.

– Charlotte Baldwin - Head of Young People's Programmes

Together, our Young People’s programmes team and our Mental Health and Money Advice service have put together some suggestions and ideas to support parents, whilst ensuring young people can enjoy the summer but more importantly develop a deeper understanding of money matters.

  • Discuss experiences, focusing less on activities. There might be a way of ensuring the experiences young people want can be met with in a different way. So rather than focusing on a beach holiday abroad, could you have a long weekend on the south coast instead. This will help them appreciate that the activity itself doesn’t necessarily need to involve pricey holidays and excursions. If wanting to do something new, think of places nearby, such as forests and nature reserves. Something closer to home that are often cheaper alternatives and just as fulfilling.
  • Explore the difference between desirable and achievable. Understanding the difference between what is needed and wanted is a great way to start.
  • Any idea is a good idea. There might be something really obvious children might want to do but don’t want to say for various reasons, like sitting as a family watching a movie together. So encourage all ideas.
  • Start saving on the run up: Prior to any holiday season you could work with young people to look for ways of reducing costs thereby saving for future activities. This will help them appreciate the virtues of saving.
  • Not now, doesn’t mean never: Household finances fluctuate and you can enhance a child’s understanding of money management by sharing why something cannot be done this year but it doesn’t have to a be a had “no”. You could always pin the more pricey ideas for the next year or a special occasion.
  • Share what the household can afford this summer. Depending on what was appropriate, you could share the budget and plan together what it could cover. Getting them involved in budgeting and prioritising is an excellent way to enhance their financial literacy. Including them in the decision-making process will encourage them to be on side about the choices made.
  • Communicate your work commitments. It can sometimes be hard, especially if you work from home, to differentiate when you are at work or not. There might be parts of the day when they should avoid contacting you unless it is an emergency. Explore this together so they can understand the other commitments in your life.
  • Who can support your wellbeing at this time? For example, grandparents might be able to give you a recuperation day by providing childcare. Talking to other parents or friends may be helpful, to not only share frustrations but gather ideas. Mental Health UK’s Clic parenting chat is always available to connect with like-minded parents, and you can share ideas and experiences.
  • Involve children in finding free or low-cost activities. Perhaps they can start saving coupons or looking out for any activities that are free or low cost in the area.
  • Share financial challenges with children. Where appropriate, you can share some of the financial challenges the household is facing. This will help them understand the bigger picture. Mental Health and Money Advice’s budgeting guide is a helpful tool to use in identifying what is a priority and the implications should a payment not be made. Whilst you don’t want to make young people fear the risks involved of not paying it’s important that they appreciate the outgoings you have given priority to and why.
  • Is peer pressure an influence? It’s common for young people especially to compare with their peers what they might be doing for the summer holidays. This could be predisposing them to have negative feelings about possible options you present them with. Make time to explore these with them so they can express their feelings and gain a different perspective.

All of the above, will of course have to be considered alongside the age of the young person, to ensure it is appropriate.

Mental Health UK’s guide for parents and carers:

How to support young people anxious about money

Download guide

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