Parents set to blow £571.5m entertaining their kids over half term. Paula John ponders the wisest way to spend this money

The UK’s Mums and Dads are preparing to fork out £571.5m on DVDs, video games and junk food, in order to keep their little darlings happy during the next half-term holiday. According to research from Yorkshire Bank, 20% of parents will buy their kids DVDs or video games to keep them entertained, while 33% will spoil them with burgers and pizzas in fast food outlets.
 
Despite their generosity, one in 10 parents believes their children will be bored and lose interest in the game or film before the end of the week.
 
Stephen Porter, senior marketing manager at Yorkshire Bank, said: “Parents often feel at a loss for what to do with their children during the holidays and give in to pleas for computer games and DVDs. This is despite knowing that sitting in front of a TV or computer isn’t really the best way for their children to spend the whole holiday.
 
“We’re not saying don’t treat the kids next week, but why not think about the longer-term benefits and better ways for you to use the money where your children really will appreciate it more in the future. Looking at cheaper treats and investing the money you would otherwise spend on things like computer games into savings for your child’s future could prove wiser.”
 
The bank’s research revealed that 46% of parents think kids today do not appreciate the value of money, and 31% worry that their children will be short of money when they grow up. However, only 21% encourage their child to save a significant proportion of their cash. Less than half (43%) of children regularly put money into a piggy bank.
 
Porter observed: “Many parents understand the financial pressures of life and want to be able to give their children a helping hand when they’re older, whether it is to buy their first car or send them to university. By planning now while they are younger, parents will be able to benefit when it comes time for their children to take care of their own money.
 
“It’s important children learn how to be savvy savers from an early age,” he continued. “Parents also want to be sure their offspring will be financially secure when they come to fly the nest. Instead of splashing out on expensive new computer games, which children can often lose interest in before the week is out, we’d encourage parents and grandparents to put the extra money to good use for their child’s future.
 
 ”Indeed, our research shows that more than one in three (37%) parents wish their friends and family would put money into a savings account for their child rather than buy them expensive toys and games,” he concluded.

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