Credit Card News
Advertising Disclosure
Credit-Land.com is an independent, advertising-supported web site. Credit-Land.com receives compensation from many credit card issuers whose offers appear on our site. Compensation from our advertising partners impacts how and where their products appear on our site, including, for example, the order in which they may appear within review lists. Credit-Land.com has not reviewed all available credit card offers in the marketplace.
Credit Card Applications » News » Other » Parents Spending Billions on Fun This Summer

Parents Spending Billions on Fun This Summer

By
Add to Favorites:

Parents are spending over $70 billion dollars on everything from day trips to sleep away camp to help children enjoy the summer. But the kids will also be doing their fair share of household chores too, according to the new American Express Spending & Saving Tracker.

When compared with the last two years, spending is up with parents laying out 12% more this year than last and a whopping 59% more than they did in 2012. The increase in spending is not surprising considering that key areas like shopping, entertainment and travel have all been on the rise this year.

Spend, spend, spend

For each child, parents will be doling out an average of $959 to make sure their offspring aren’t bored this summer. More than three-quarters of respondents are planning day trips and nearly half are shuttling kids to games. Here are the numbers:

 

 

Not so fast – working for the money

Kids will also be working hard around the house this summer, with almost all parents (98%) saying that they will be giving them chores to do. The to-do list may include cleaning up their room, sorting the recycling, taking out the trash, washing dishes, caring for their pet, and vacuuming.

In addition to paying for summer activities, 83% of parents are also giving their kids an allowance this year, up from 66% last year. Yet kids will find they are making a little less, earning an average of $27 a week, down from 2012 when they banked $32.

Some teens will be getting jobs this summer, opting to babysit, landscape, or work at a fast food joint, retail store or the local grocery store. According to parents, teens are planning on spending their wages this year rather than put it in the bank. Some will be saving their money with an eye on buying a car (27%), covering car insurance (32%), or saving for college (25%).

The American Express Spending & Saving Tracker was conducted between June 13 and 16. The survey was completed by 1,253 parents with children under the age of 18.

Add to Favorites:

Related News:

Pharrell Williams Starring in American Express Unstaged Series

By Dar Dowling, Posted: May 29, 2014

Pharrell Williams will kick off the American Express Unstaged live-streaming concert series this summer at New York’s Apollo Theater. Spike Lee is directing the concert. Tickets for the actual event went on sale last week. Continue reading
American Express Brings Virtual Reality and More to the U.S. Open

By Dar Dowling, Posted: August 27, 2015

Did you ever wonder what it was like to play an international tennis star like Maria Sharapova? Well if you head over to the U.S. Open in New York later this month, you won't have to wonder any longer, you can actually do just that via ... Continue reading
Spring Finds Small Business Owners Feeling Confident

By Elizabeth Nelson, Posted: May 05, 2014

For small businesses, the past few years have been fraught with economic uncertainty. But this spring, worries about cash flow are taking a back burner as entrepreneurs focus on growing their businesses, meeting new people, and using ... Continue reading
Get the latest news, articles and expert advice delivered to your inbox. It's FREE.
Get 0% Intro APR on Balance Transfers and Purchases for 21 months. After that, the APR will be 12.24%-22.24% based upon your creditworthiness.
For Excellent/Good Credit
1% cash back on select purchases, terms apply
For Fair Credit
Guaranteed $500 Unsecured Credit Limit
For Bad Credit