Summer break to cost parents $600 per kid

@CNNMoney June 27, 2012: 11:21 AM ET
summer-spending-kids

NEW YORK (CNNMoney) -- Families are paying a pretty penny to keep their children busy this summer.

The average American family expects to dole out an average of $601 per child this summer, according to data released Wednesday by American Express, based on a random sample of 2,008 adults.

And affluent families, with annual household incomes of more than $100,000, are dishing out double that amount -- at an average of $1,116 per kid.

"Between sleep-away camps, swim clubs, and sports that ramp up between June and September, summer expenses can add up," Claire Bennett, executive vice president of Loyalty & Membership Benefits at American Express, said in a statement.

About 28 million families with children under 18 plan to spend hundreds of dollars on their kids this summer -- adding up to more than $16.6 billion. About 29% of Americans expect to spend more money than they did last summer, while 47% expect to spend the same amount.

The majority of families, or 63%, said they will take their children on day trips -- to theme parks like Disney World or Six Flags, for example -- and these excursions are expected to ring in at an average of $208 per child.

Another 34% of families are enrolling their children in sports, costing an average $180 per child, while 26% are signing their kids up for educational activities costing $139 for each kid.  To top of page

Help! We need a makeover
Young dad, $15,000 in credit card debt
Readers' Choice

Carlos Rodriguez is trying to rid himself of $15,000 in credit card debt, while paying his mortgage and saving for his son's college education.

$400,000 portfolio, too many holdings
Readers' Choice

Susan Carson and Laura DeLallo make $225,000 and have half a million in retirement savings, but their sprawling portfolios is proving hard to manage.

Overnight Avg Rate Latest Change Last Week
30 yr fixed4.28%4.41%
15 yr fixed3.30%3.33%
5/1 ARM3.30%3.34%
30 yr refi4.31%4.39%
15 yr refi3.35%3.31%
Rate data provided
by Bankrate.com
View rates in your area
 
Find personalized rates:
CNNMoney Sponsors
Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer LIBOR Warning: Neither BBA Enterprises Limited, nor the BBA LIBOR Contributor Banks, nor Reuters, can be held liable for any irregularity or inaccuracy of BBA LIBOR. Disclaimer. Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.