Half-term'oil' - February half-term spending costs parents £1.7bn
Parents' wallets are due to take a battering this half-term to the combined tune of £1.7 billion with cash-strapped mums and dads shelling out an average of £230 for the week - £33 every day - in a bid to keep their kids occupied.
The 'Half-term'oil' study by Sheilas' Wheels home insurance found that one in five mums and dads (23 per cent) have put themselves in debt struggling to afford the cost of school holidays. Over two-fifths of parents (44 per cent) are concerned about the rising cost of entertaining the kids as the squeeze on family purse strings continues.
Families are clearly feeling the pressure to keep up with the Jones' with almost half (46 per cent) forced to shell out more money on their kids each year. 45 per cent of parents feel pressured to buy the latest technology to keep their kids happy, forking out an average of £90 on DVDs and games over half-term alone. Some even let costs creep higher, with one in ten (10 per cent) spending over £150 on gadgets and toys for their little ones.
According to the findings, a quarter of parents (25 per cent) plan to take their children on at least three costly days out over the February half-term, with each day out costing an average of £53. Londoners will fork out as much as £67 a day on outings for their kids - racking up a total half-term spend of £469.
The top five UK half-term costs:
1 Going on a UK 'staycation' - £253.83
2 Cost of childminders - £101.18
3 Buying gadgets for the kids - £87.89
4 Sports Camps - £70.39
5 Days Out (Zoo/Theme Parks/Museums) - £53.40
But the spending does not stop there; with almost one in five parents (17 per cent) travelling over 100 miles to visit family and friends this half-term, ever rising fuel costs are set to put even more strain on the family purse strings.
Dads feel the most pressure from their kids at half-term, with more than a third (34 per cent) admitting they go on family days out just to keep the kids happy. On the other hand, mums are left to play the 'bad cop' with 63 per cent refusing their children a day out in a bid to keep an eye on the bank balance - compared to only 54 per cent of dads.
The survey found the most popular ways to escape this February were 'staycations' in the UK. However, some families will be taking the even more costly option of leaving the country over half-term, with almost one in five (19 per cent) choosing to spend the week away - with top destinations being France and Ireland.
Jacky Brown, at Sheilas' Wheels home insurance, said: "In these tough economic times it is no wonder that the costs associated with keeping kids entertained over the holidays are putting added pressure on family finances.
"Understandably, every parent wants the very best for their children but as that often comes with a hefty price tag, it can really help the peace of mind for a family to make sure they have adequate home insurance to cover all of your child's expensive possessions as new. Also, it's important to make sure you have adequate personal possessions cover away from the home."
More than a third of parents (36 per cent) think February half-term is the worst holiday to entertain the kids in; with a further 43 per cent revealing the winter weather forces them to splurge on gifts and expensive excursions to keep their kids busy.
28 per cent of parents said their main concern was simply not having enough time off to spend with their kids. Over a third (38 per cent) have difficulty booking time off work with one in five (19 per cent) shelling out over £150 on childcare during half-term.
Those in London splash the cash most when it comes to their children, spending an average of £469 over their February half-term. In comparison, parents in the South West of England spend the least on their children, forking out just £99 over the break.