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As new research reveals that parents across the UK could be facing bills of approximately £1.7 billion for their children's extra-curricular activities, some mums and dads might find a secured loan is a cost-effective way to support their children's out of hours pursuits.

The report by Alliance & Leicester has found performing arts classes are likely to set parents back at least £10 a week, while kitting a child out with football gear will cost an average of £1,307.

It adds holiday membership to a sports and activities camp can cost around £5,758 a year and the cost of petrol used to ferry children to and from training and matches can soon add up.

Hetal Parmar from Alliance & Leicester said: "All parents know that taking part in extra-curricular activities benefits their children and it is right that they want to support their ambitions."

A secured loan is one option open to parents. This type of loan generally offers relatively low rates of interest as the risk to the lender is reduced.