Nearly half of parents shocked by school-related expenses

New research by Legal & General study has found that nearly half of parents (47%) report being shocked by school-related expenses.

Unexpected expenses are a common challenge for parents, with 44% dipping into savings to cover surprise childcare costs and 39% relying on credit cards for additional support. During school holidays, nearly half (47%) of parents depend on family and friends to help with childcare, a reliance that reaches 57% in the North East.

Beyond school, extracurricular activities come as another surprise expense, with 41% of parents shocked by the costs of after-school commitments like swimming, team sports, and music lessons. On average, families are spending £186.08 per child per month on these activities.

For parents, Christmas is a season of joy, filled with opportunities to create special memories, but these can also be costly. On average, parents spend £220.80 per child on gifts, showing their dedication to making the holiday season magical. While 85% acknowledge Christmas expenses have risen, parents are embracing smart budgeting to keep the season festive without overextending. In fact, 74% set a Christmas gift budget for their kids, although 43% admit they ‘often go over budget.’

Parents in the North East and Newcastle are among the most generous, with average spending reaching £318.58 and £320.27 per child. Through thoughtful planning and a touch of festive creativity, parents are finding ways to make Christmas unforgettable for their children.

To adapt to the rising costs of parenthood, parents are sharing resourceful tips and strategies, which can inspire other families to make the most of their budgets with over half (51%) of parents find creative, free activities for family fun, showing that some of the best memories don’t come with a price tag. 

 37% of parents opt for second-hand purchases, proving that quality doesn’t have to mean brand new when it comes to clothes.

For childcare needs, especially during summer holidays, one-third (33%) of parents turn to trusted friends and family for help, 

Paula Llewellyn, CMO and Managing Director (Direct) at Legal and General Retail said “Raising children brings unparalleled joy, but it can also come with unexpected costs. Our survey sheds light on the hidden expenses that parents often face and highlights the strength of family and community support.”