PARENTS are set to spend more than £450 on entertaining their children during the summer holidays.

That's according to research from Post Office Money who say more than half of parents are worried about covering the cost of entertaining the children during the holidays.

Last summer, a third of parents spent more than they budgeted for, the report says.

And although most are expected to spend £468, the costs associated with the holidays are down by 14 per cent this year.

Owen Woodley, managing director at Post Office Money, said: “There can be many hidden costs over the summer months and while two in five parents we spoke to have the cash to cover these additional costs, many do not.

"13% of parents told us they are planning on dipping into their savings, 9% will draw on their credit card and some families are even saying they’re likely to miss bill payments or even take a mortgage holiday to help manage this overspend.

“Planning in advance to find the best ways to cover any shortfall now can help relieve financial pressure and avoid negative financial implications further down the line.”