A new survey has found that one in three parents are regularly dipping into their children’s savings to cover costs such as bills and other repayments. The research which was conducted by Moneysupermarket.com found that the average amount which was taken was around £50.25, but there were 16% of those who borrowed more.
Many of them admitted that the reason that they did this was because they said that their children were too young to notice it was missing. The reasons for using the cash were that they needed the helps with everyday costs such as bills, petrol money and groceries. They said that it was a better alternative to covering their costs on credit cards.
According to the research, some children were getting about an average of £5.98 per week in pocket money, which could add up to as much as £300 per year, which could definitely help parents.
Kevin Mountford of Moneysupermarket said: Its a sign of the times when parents feeling the economic pinch have no resort but to dip into their childrens savings or piggy bank. We all have moments where we need to get our hands quickly on some small change – to pay for takeaways, the milk man or a local charity collection. However, its shocking to see kids money is often needed for everyday living costs such as paying bills, money for petrol or groceries.
If you need some extra cash, but are looking for another alternative, then how about considering a short term loan. We offer these loans, also known as payday loans, here at Liquid Loans. It’s possible to apply for anything from £50 up to as much as £1250, which you then repay on your next payday.
To find out more information about what these loans are, or how to apply, check out our FAQs.
by Gemma Maddock