Spending on Kids' Summer Fun Jumps 40%

Parents estimate they're paying about $856 strictly on their kids this summer — but many teens are working as well.
By Brian O'Connell ,

NEW YORK (MainStreet) — The summer heat may feel even more oppressive if you're a parent figuring out how to squeeze some kid-friendly summer fun into your family budget.

According to the American Express Spending and Savings Tracker, parents estimate they're paying about $856 strictly on their kids this summer, mostly on things such as the community pool or sending junior to a sleep-a-way camp.

That figure is 40% higher than U.S. families spent last year, indicating that the economy is improving and that parents have more cash — a good sign across the board.

Also see: 13 Summer Money Wasters >>

What are the most popular summer fun activities that mom and dad are digging deep to pay for?

According to American Express, the list rolls out as follows:

Day camp: $314
Day trips (to places such as theme parks): $284
Tickets to sporting events: $228
Education or arts and crafts: $227
Pool or club memberships: $157

The activities that are trending the hottest include summer sleep-a-way camps — 23% of U.S. parents said they would be sending their kids to summer camp for a week or more, at an average cost of $329 per child, according to Amex.

Another summer/kids trend: 33% of teenagers said they planned to work this summer, mostly in fast food service or by babysitting. Amex says U.S. teens expect to earn about $456 working this summer.

Also see: Stretch Your Summer Dating Spending>>

Overall, U.S. parents swill spend about $55 billion on their kids this summer, and that's a huge shot in the arm for U.S. businesses that cater to kids such as theme parks and camps, and for the economy.

Mom and dad don't seem to mind the added hit to the family budget too much, as 88% of them say that summer spending, summer jobs and family allowances represent a great opportunity to teach kids about money.

It all seems like a win-win for parents, kids and the economy — although nobody will blame mom and dad for breathing a sigh of relief when those yellow school buses pull up in a month or so.

— By Brian O'Connell

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