Summertime fun doesn’t come cheap, and this year parents are digging deeper into their pockets to keep the fun factor on high for their children.
According to the American Express Spending & Saving Tracker, parents will spend $55 billion this year not only on family fun, summer camps and sports, but education too. This number is up from last year, with parents spending 40% more than they did in 2012.
Summer Fun costs more this year
They are spending more because the cost of traditional summer time activities, like day trips, pool memberships, day camp and art programs, have all gone up. Sleep away camps are up 35% from last year, while educational programs are up 27%. In dollars and cents this means that it can cost you $157 on average per child for a pool membership, or as much as $329 for sleep away camp.
Kids doing it for themselves
While parents are spending more, their kids are also looking to earn some extra money with 35% looking for work during the summer, weekends and winter break, earning an average of $456.
They are looking for jobs in grocery stores, restaurants, and fast food joints, as well as being open to landscaping, babysitting, and bussing tables.
Allowances get a cost of living increase
Allowances, just like everything else, are also on the upswing. On average kids collected $32 a week, which is up 70% from 2012, when allowances averaged $19. However, a big part of getting that increase includes doing chores.
Chores, Chores, Chores
Whether working, having summer fun, heading off to an art class, or all of the above, 96% of parents expect their kids to keep up with chores. That can mean taking care of the dog, cleaning their room, taking out the garbage, or doing the laundry.
For parents those chores translate into dollars and cents with 65% suggesting that they base how much cash their kids get on whether or not they’ve done their chores. Grades (45%) and age (42%) also play a role in figuring out the amount of a child’s allowance.
Knowledge is the key to success
Being healthy is number one on a parent’s list of the top five keys to their child’s success. Knowing the value of money in terms of earning it and spending takes the number two slot.
Health and money are clearly high on the list, but so is finding time to enjoy life, family and friends, as well exploring passions and interests. Suggesting that parents are trying to strike a delicate balance between fiscal responsibility and having fun.
This research study was conducted online and included talking with 2,200 adults, from June 14 and 19, 2013.