Parents will break the law for as little as £50

Parents would risk going to jail or paying a hefty fine by taking their kids out of school during term time, to save as little as £50 per person on their family holiday according to research by money website Fool.co.uk.

The Education Act 1996 states that parents who take their children out of school before school holidays face prosecution and if convicted may be fined or even jailed. However, they can do so with explicit permission of the head teacher.

Rules are made to be broken.

Fool.co.uk quizzed parents and found that although awareness of this law is high (73%), one in five parents (20%) are not concerned about it.

A law abiding 27% say they would never take their child out of school during term time. And only 34% of parents would inform the school that the children were going to be out of school for the said period.

Bargain hunters

With the average family of four holiday costing £2,100 , people are eager to cut the cost in any way they can. For 40% of parents price is the most important factor when booking a holiday. One in seven (15%) parents also admit they would consider taking their children away during term time even if the potential saving was less than £200.

Ed Bowsher, Savings Expert at Fool.co.uk said: "Education is extremely important and so is having time away with your family. Parents should avoid expensive destinations and think about the added expenses while they're away.

"With the Euro at such a high level, the question for parents this summer is just how far their pounds will go? Otherwise they might find themselves having a free holiday - in a prison cell!"