Parents 'would risk jail for a cheaper holiday'

New research published by financial advisory website Fool.co.uk has discovered that many parents would take their children out of school during term time in order to go on holiday, despite it being against the law.

The Education Act 1996 states that parents who do so could face prosecution or even jail, unless they have explicit written permission from their children's head teacher.

However, a survey of 441 parents of school-aged children found that 20 per cent are unconcerned by this, despite the fact that 73 per cent were aware of the law.

Only 34 per cent said they would inform the head if their children were going to be taken out of school and 15 per cent admit they would consider taking their children away during term time even if the potential saving was less than £200.

Ed Bowsher, savings expert at Fool.co.uk, said that parents should consider other ways of saving money on holidays instead of going during term time.

"Education is extremely important. Parents should avoid expensive destinations and think about the added expenses while they're away. With the euro at such a high level, the question for parents this summer is just how far their pounds will go? Otherwise they might find themselves having a free holiday - in a prison cell," he said.

Yesterday (June 2nd), it was reported by American Express that many people blow their budget while on holiday, with ten per cent wasting money at the airport on the return trip so they don't have to convert it back to sterling.