New research from Phoenix Group has revealed just how costly managing childcare requirements alongside full-time work is for UK parents over the school holidays, causing some parents to not be able to work.
Phoenix Group, the UK’s largest long-term savings and retirement business, has also revealed how many parents aren’t able to access flexible working arrangements to help them balance childcare and work over the summer holidays.
According to the survey of 2,000 UK adults, over two-fifths (41%) of working parents see total childcare costs rise over the summer holidays, with an average estimated increase of £1,683 per month****. Recent research from Coram Group also found parents spend 2.5 times more money on holiday clubs over the summer holidays when compared to term time*****.
Younger parents (those aged 18 – 34) are particularly impacted, facing an even greater cost – with an average increase in childcare costs of £2,218 per month. The average monthly household income in the UK is £3,277, the rise in cost of childcare over the summer months represents over half (51%) of the average monthly UK household income, or 67% for parents aged 18-34.
A lack of flexible working arrangements – such as the ability to work flexible hours, in different locations or part-time working – is exacerbating costs and preventing parents staying in work. Three in five UK adults (64%) say they’d like the option to work more flexibly during school holidays to save money on childcare. Despite this, almost two-fifths (38%) have been denied flexible working over the school holidays and 39% feel as though they can’t work because they can’t find a job that lets them juggle childcare.
Phoenix Group’s Catherine Sermon, Head of Public Engagement and Campaigns at Phoenix Insights, said: “Flexible working arrangements can be powerful in enabling working parents to effectively manage their childcare responsibilities during the summer. In recent years, there has been a re-evaluation of working practices and an increase in the adoption of flexible working across the UK, with managers and employees being better equipped to talk about flexible working. However, as childcare costs rise sharply during the summer holidays, parents face financial pressures that may push them to choose between working or caring for their children.
“Ensuring that all those who wish to work can, is critical in tackling the under-saving crisis across the UK as extended time out the workforce exacerbates pension shortfalls and leaves millions vulnerable to financial hardship. This is especially true for women, who are particularly vulnerable to leaving the workforce due to caring commitments”.
The value of flexible working can be observed by looking at those who already have the opportunity, with 41% saying they would quit if this option were no longer available. Over half (55%) say they would benefit from the ability to work remotely over the school holidays but don’t have the option.
Catherine Sermon continues: “We know that all workers, not just those with childcare responsibilities, can benefit from having flexibility at work and that there need to be better conversations taking place about the benefits of making work work for all. That’s why we have empowered employers and employees in the workplace by creating a series of practical ‘how to’ podcasts with Timewise focusing on the art of the possible.”
At Phoenix Group, all roles are offered on a flexible, hybrid, full and part-time working basis, giving greater flexibility for all colleagues who need to balance work, regardless of the reason.
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