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7 in 10 parents don’t know they can claim back holiday costs through tax creditsCreated by Charlotte in Saving for grandchildren
Vital lifeline to save money on registered holiday clubs through tax credits is missed out on by the majority of parents
Each and every summer, prostate children return to the roost on a full-time basis, giving them six or seven weeks of fun and adventure away from school; however, for many working parents, this is more costly than it is exciting, as many are forced to take time off work or make alternative arrangements. However, a new survey shows that many of them might be able to save money, if they embraced state-funded offerings.
The new study, conducted by Family Investments, revealed that 70 per cent of parents do not know they may be entitled to claim back part of the cost of registered holiday clubs through tax credits. Only 25 per cent of parents know about the scheme, and of those people, only a quarter have actually taken advantage of it. The remaining five per cent of respondents plan to use holiday clubs,but said they would not claim the money back.
The findings of this survey are especially significant, given that the report also revealed that many parents are compelled to make further arrangements to take care of their children in the summer holidays. Nearly one in five adults surveyed (18 per cent) said that during the holidays, they will send their children to a child-minder, while 54 per cent said that they will be relying on friends and family to take care of them.
For many parents, seeking support from others is unfortunately not an option. Of the adults who completed the survey, 40 per cent said that they will be taking time off work over the school holidays to cover childcare, putting many at risk of losing more money.
The Family Investments research also highlighted that many parents struggle to keep their children entertained over the summer holidays, with 55 per cent saying that they feel under pressure to fill the holiday with exciting activities. The lifeline of reduced-price holiday clubs offers parents an alternative solution to childcare, while ensuring that children are entertained.
Kate Moore, Head of Savings and Investments, at Family Investments said of the findings: “We were stunned to find that so many parents are not aware of the savings that they could make on holiday clubs, especially as so many struggle to cover childcare over the long summer holidays.
“This information certainly needs to be made more widely accessible so that more parents can make best use of the resources available to them.”