Trade school days for cheaper holidays

Nearly a quarter of UK families with school age children have or are considering a holiday during school term and could save an average of £664.00 on their holiday spending

 

 

Up to 1.8 million* UK families with school age children have or are considering taking them out of school for some or all of their holiday leading to millions of missed school days for British youngsters. The new research, commissioned by Gocompare.com, also found that on average, parents willing to take their children on holiday in term time were happy for them to miss up to 6.3 days of teaching.

 

The research also found that 93% of parents willing to take their children out of school feel that travel companies and airlines unfairly push up prices during the school holiday periods and 65% say they simply can’t afford to take a holiday when schools are closed.

 

Brit families will spend an average of £1982.00 on their annual holiday but those families taking some or all of it during term time estimate that it knocks an average of £664.00 off of the cost of their holiday.

 

  • British families spend an average of £1982.00 on their annual holiday
  • Families taking some or all of their holiday during school term time estimate they save an average of £664.00
  • 75% of families taking their children out of school would take the whole holiday in term time to get a better deal

 

Of the British families which have already booked or are considering taking some or all of their holiday during school term time:

 

  • 65% say they can’t afford to have a holiday during the school holiday periods
  • 73% would be happy for their children to miss 5 or more school days
  • 23% would be happy for their children to miss 10 or more school days
  • 74% ask the school’s permission to take their children out of school
  • 70% take their children out of school anyway even if the school refuses permission
  • 39% have lied to the school about their children’s absence in order to have a holiday during term time

 

Just 14% of parents said they only have holidays with their children during school holiday periods. In the survey, 60% of parents who would take their children on holiday in term time said that their children’s school was sympathetic to requests for term time holidays. However, 70% said that they take their children out of school regardless of the school’s decision. More than a third (39%) have lied to the school about their child or children’s absence in order to have a holiday during term time.

 

Plans to ban term time holidays and impose automatic fines on parents who take their children on holiday during school time were floated by the Government in February 2012 but later dropped for fear of a backlash from cost conscious parents.

 

Jeremy Cryer, head of travel at Gocompare.com, commented: “It’s an unfortunate fact that the cost of holidays and flights increase substantially during school holiday periods. This leaves many parents with the difficult decision of whether to take their children out of school to take advantage of lower prices or to bite the bullet and pay the school holiday rates. With an average cost saving of over £600 it’s clear to see why many parents choose to take the saving over the schooling.

 

“Many parents would also argue that a child’s education should be more than just time spent in the classroom and that travel broadens a child’s horizons, gives them valuable family time and adds to their life experience. If it comes down to a choice between their children missing a few days of school or the family missing out on a holiday altogether, our research shows that millions of parents would choose to take the holiday.”

 

Fighting back card fraud as methods are getting trickier

 

 

Card skimming – the process of electronically copying information from a card’s magnetic stripe and putting it onto an empty card – is fast emerging as the most common form of credit card fraud globally. With the successful adoption of EMV chip and PIN credit cards and card reading devices, countries such as the UKhas recorded a major decline in card fraud in recent years.

 

According to a new forecast report from Timetric, credit card fraud in the UK has declined at a CAGR of 18.8 % since 2008 to value US$ 491.9 million in 2012. The main reason for this positive trend has been the introduction of EMV chip and PIN credit cards and card reading devices. Although card fraud is much higher in value terms in developed economies such as the US, the UK and France, these countries have been successful in limiting the growth of fraud by adopting advanced security measures, innovative products and strict regulations in order to prevent fraudulent activities. Emerging economies like China and Russia have lagged behind in introducing such measures and have therefore witnessed significant growth in card fraud.

 

Card skimming is the most common form of credit card fraud

Every year millions of dollars are lost around the world due to credit card fraud – and fraudsters are only getting more innovative and technological advanced in their hunt for credit card information. Card skimming is the most common form of credit card fraud globally, especially in countries where magnetic stripe cards are still in use. Fraudsters carry pocket skimming devices, which is a battery-operated electronic magnetic stripe reader that can be used to swipe customer’s cards to steal information encoded in it. Skimming devices can also be fitted into the swiping area of POS terminals and ATMs. Since cardholders normally feel safe in such payment situations and do not suspect any malicious activity to happen, skimming can be very difficult to trace. According to Timetric’s new report on trends and issues in managing credit risk cycle, the adoption of EMV chip and PIN credit cards has proven successful in preventing card fraud in the UK and other European countries.

 

China records largest growth in card fraud

Among the developed markets, the value of card fraud was highest in the US, growing at a CAGR of 2.9% to value US$3.55 billion in 2012. Among the emerging markets, the value of card fraud in China increased at a staggering CAGR of 36.3% to value US$173.3 million in 2012. China was followed by Brazil with a card fraud value of US$150.3 million in 2012 while, in terms of growth, Russia gained the second spot with a CAGR of 28.2%.

 

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Timetric’s report, ‘2020 Foresight: Best Practices in Managing Credit Risk Cycle’ was published on the 29th April 2013