Parent spending habits and statistics

Raising a family is incredibly fun and rewarding. But at the same time, it can be stressful and a little overwhelming. Not to mention expensive! With the constant and well-publicised rise in the cost of living, parents now have to make some difficult decisions when it comes to what they spend their money on. That means, in some instances, choosing between things they need, rather than just things they want.

But what exactly are parents spending their money on and how much of a worry is money? We surveyed 2,000 parents to ask them about their spending habits to uncover what they’re spending their money on, what worries them the most and the sacrifices they’re making for their children.

Food spending habits

In the past year, the cost of our food bills has risen by 33%, which means you get a third less food in your shopping basket. This is naturally a big concern for parents, who have to tighten their purse strings during their weekly food shop now more than ever.

On average, families spend £111.73 on each weekly shop. More than a quarter (26%) spend between £90 and £119 per week, and almost one in five (19.74%) spend between £120 and £149 per week.

Concerns about nutrition: More than half (58.25%) of parents agree that it’s becoming increasingly difficult to feed their families nutritious meals, with nearly half (49.95%) agreeing that healthy food is too expensive.

Value for money over nutrition:More than two in five parents (42.45%) consider value for money to be more important than nutritional value.

Parents are ditching fresh food: Almost half (48.60%) of parents rely on frozen or canned foods to reduce the cost of their weekly shop.

Many parents need a little support: Nearly a quarter (22.05%) of parents have had to use a food bank in the past 12 months to help feed their family. Similarly, 25.65% of parents rely on government support, such as free school meals or food vouchers, to cover food costs. And more than three in ten (31.05%) have borrowed money or taken on debt in the past year so they can pay for their food shop.

Getting savvy to save money: Almost three-quarters (73.35%) of parents regularly use loyalty schemes or supermarket apps to reduce the cost of their groceries, while 60% buy in bulk or stock up during sales to help manage their expenses.

Making sacrifices: So they can afford food, 44.45% of parents often reduce their spending on other essentials, such as heating and petrol. And almost three-quarters (72.35%) are concerned about how rising food costs will affect their family’s future.

Holiday spending habits

Family holidays provide a fantastic opportunity to relax, have an adventure and make some memories. Here are how families save and spend so they can go on a trip of a lifetime.

Average holiday budget

Families spend an average of £2,265 to go on holiday, with more than half (53.5%) spending between £500 and £2,999.

Total spend	% of respondents answered
£0	2.40%
£1 - £499	9.30%
£500 - £999	13.05%
£1,000 - £1,499	15.25%
£1,500 - £2,499	14.75%
£2,500 - £2,999	10.45%
£3,000 - £3,499	7.75%
£3,500 - £3,999	5.50%
£4,000 - £4,999	8.20%
£5,000 or more	2.70%
Mean	£2,265

When it comes to paying for their holiday, seven in ten (71.54%) save up throughout the year. Almost three in ten (29.96%) use a credit card and 28.23% hunt for discounts and deals.

How do you pay for a holiday?	% of respondents answered
Save up throughout the year	71.54%
Use a credit card/ loan	29.96%
Rely on deals and discounts	28.23%
Borrow money from family/ friends	8.57%
Unsure / No way in particular	3.05%
Other	2.13%

Worries and pressure: Just over half (50.50%) of all parents are worried that they won’t be able to afford a family holiday in the next year due to rising costs. Two in five (40%) feel the pressure to take their family on holiday despite being unable to afford it. To try and cut costs, almost half (47.40%) have decided to take a staycation instead of going abroad.

Shortened or cut plans: Due to financial concerns, 38.60% of parents have had to postpone or cancel a holiday, while almost half (47.06%) have reduced the length of their holiday so they can afford to pay for it.

Taking the kids out of school: Two in five parents (40.07%) have taken their kids out of school to take advantage of a cheaper holiday.

Here’s how much parents have saved by going on holiday during term time rather than going during the school holidays.

Savings total	% of respondents answered
Less than £100	1.26%
£100 - £249	17.18%
£250 - £499	31.56%
£500 - £749	23.32%
£750 - £999	16.76%
£1,000 or more	4.61%
I didn't save anything	5.31%
Mean (£)	525.42

School and education spending habits

The cost of education, including things like uniforms, school trips and extracurricular activities can soon add up, which means parents are often forced to make difficult decisions.

School-related expenses: More than two in five (40.79%) parents have struggled to cover the cost of school-related expenses. Here’s how much parents spend per child on school-related expenses, such as uniforms, sports kits, trips and equipment:

Pressure and disappointment: Almost half (45.97%) of parents have felt pressured to pay for a school trip for their child that they couldn’t afford, and unfortunately, more than a third (35.51%) have had to say no to a school trip due to not being able to afford it. More than two in five (40.45%) have had to limit their child’s participation in all extracurricular activities due to the costs involved.

Fair opportunities: Almost two-thirds (62.90%) of parents think that schools should provide more financial assistance to help cover the cost of trips and extracurricular activities. Three-quarters (75%) believe that all students should have equal access to extracurricular activities regardless of their family's financial situation. More than half (56.13%) believe schools ask for too many donations from parents, and 60.10% agree that schools should limit the number of fundraising activities to reduce pressure on parents.

School dinner worries: Almost 40% (38.07%) of parents agree that the cost of school meals is a concern.

Spending and milestone habits

Parents have many more financial obligations to bear in mind, including general day-to-day spending and saving up for their kids’ major life milestones.

General spending

The cost of raising kids: Here are steps parents have taken over the past 12 months to try and curb spending and adapt to rising costs:

How have you tried to cut spending this year?	% of respondents answered
Reduced the use of heating	35.80%
Cut subscriptions (e.g. Netflix, Spotify, Disney+)	33.20%
Sold personal belongings to generate extra income	31.25%
Used hand-me-downs or pre-owned school clothes	27.95%
Taken on an extra job/ extra hours	27.90%
Stopped personal activities such as the gym, clubs, hobbies	27.45%
I have not done anything in the past 12 months to help with the cost of raising children	22.35%
Sought out government benefits and grants to help with costs	18.80%
Taken out a loan	12.25%

Many parents have also had to borrow money or go into debt to pay for one or more of the following:

Items	% of respondents answered
Food shop	21.50%
Broken down car	18.80%
Presents/gifts	17.40%
Holiday	17.05%
School uniform	16.45%
Tech (e.g. laptops, tablets, phones)	14.60%
Childcare	9.40%
None of the above	47.80%

Pocket money: The vast majority of parents (85.85%) believe in giving their kids pocket money, with more than seven in ten (71.05%) agreeing that pocket money is an important way to teach them about managing finances.

Mobile phone privileges: Around a third (36.80%) of parents are comfortable with giving their child a mobile phone at a young age.

Here are the ages parents think it’s appropriate to give their child a mobile phone:

Age	% of respondents answered
Under 5 years old	0.50%
5-8 years old	5.95%
9-11 years old	32.55%
12-14 years old	43.40%
15-17 years old	14.05%
18 years old and above	1.50%
I don’t believe children should have mobile phones	2.05%

More than three in ten (31.90%) feel pressured to make sure their child has the latest mobile phone model, with more than a third (38.50%) concerned about keeping up with the costs for the sake of making sure their child keeps up with the latest trend.

Milestones (house saving, driving lessons etc)

Lend a helping hand: Here are the most popular ways parents want to help their kids financially as they get older:

1. Paying for driving lessons - 61.45%
2. Helping pay university tuition fees - 49.10%
3. Buying their first car - 44.15%
4. Helping fund their wedding - 30.85%
5. Public transport for a first job - 30.40%
6. Buying their first home - 30.10%

More than half (58.65%) of parents worry about how they’ll support their child during significant life milestones, with 53.95% believing it’s essential to start saving early so they can support their child with buying their first home.

A similar number (58.65%) worry about how they’re going to afford to help their child during various life milestones, and 54.75% believe that contributing to their child’s wedding expenses is an important part of being a supportive parent. However, a third (66.65%) of parents also believe that their child should take on some of the financial responsibilities of these milestones themselves.

Celebrations: More than a quarter (27.45%) of parents feel pressure to outdo other parents when it comes to birthday celebrations for their kids. At the same time, 56.75% of parents worry that rising costs will make it difficult for them to help their child achieve important milestones.

Saving money as a parent

It goes without saying, but being a parent is tough. There are loads of financial obligations – many of them a necessity – which makes it very difficult to keep on top of things. With so many increasing expenses, it’s important to find new ways to save money on those day-to-day essentials, as well as those little treats along the way.

Here at Savoo, we have a huge database of up-to-date voucher codes that can save you money on the essentials at retailers like Iceland, Ocado and Asda as well as others like Boots, Dunelm and Currys.

You can also learn about more ways to save by reading our guide on how to save money.