Holiday months can be costly for working parents.
Charlie Weston
The Sunday Independent
29th April 2024
Parents have been warned to expect high prices for sending children to summer camps during the school holidays and are being advised to plan ahead. Research indicates that it will cost almost €1,500 for childcare and summer camps for a family of two primary-school children. And this is before including the cost of a family holiday.
The estimated costs have been compiled by Cork-based financial planning firm Provest, which is urging parents to plan ahead to manage the financial demands associated with the upcoming school break. The closure of schools always means many working-parent households will have to juggle camps, childcare for outside camp hours and transport for the summer months. Summer camps are hugely popular, with the options available for children allowing them to have fun and also learn new skills.
Maths academies, theatre camps and Lego-based courses have sprung up in the last few years, along with the traditional sports-based camps and Gaeltacht residential courses.
Provest financial adviser Olive Walsh said the average costs for a family of two primary school-aged children, with two working parents, were now huge.
She calculated typical costs for a family with one parent working full-time and the other, part-time. The average cost of activity camps is between €70 and €130 per week per child, with many parents signing their children up for multiple camps across the summer months.
“Childcare costs for an average of 24 hours per week could be as much as €204,” says financial advisor Olive Walsh, of Provest Private Clients, “But this could be even higher if both parents are working full-time”.
Ms Walsh said that costs would vary depending on locations and specific choices. But she warned that the summer months could be a very costly time for working parents. “School holidays can be a significant financial strain for families,” she said. “From activity camps to childcare and days out, the costs can quickly add up.”
She said although the summer holidays were an exciting time for children, it was essential for parents to plan and budget accordingly.
“By anticipating and managing these costs, families can alleviate some of the financial pressures associated with school breaks.”
Ms Walsh advised parents to put a financial plan in place for the longer-term costs of raising children. Ideally, parents should start a savings plan when their child is born. Many people saved the state child benefit for this purpose, which currently pays families €140 per child per month.
Ms Walsh said: “A savings plan will allow you to save funds for future expenses. You can also withdraw funds from it along the way.”
Parents can also opt for an An Post Instalment Savings Plan, which offers a fixed return of 10pc gross over a six-year period.
Among the most popular summer camps are the Kellogg’s GAA Cúl Camps, which take place in every county across about 1,300 GAA clubs. Last year, 146,640 children participated in GAA Cúl Camps, Kellogg’s said. The cost is €75 for the first child, €60 for second child, €50 for the third and subsequent children.
The Football Association of Ireland also runs hugely popular summer camps. Sending a child to a residential Gaeltacht can cost around €1,000 for two weeks.