Bank of Mum and Dad funds holidays for teenagers

01 August 2007
Teenagers going abroad this summer will turn to mum and dad if their funds run dry, it has been claimed.

According to research from Lloyds TSB Travel Money Card, a quarter of those heading to foreign soil this season will do so with their parents behind them financially - their help just a phone call away.

But it added that more than a third of parents questioned realised that once their offspring overspends, it will be them who pays off the debt.

They were also found to be aware of their children's monetary tendencies, as 38 per cent told the firm their kids do not how to budget.

"Parents are understandably nervous about picking up the bill for their children's fortnightly holiday excesses. One way to help with budgeting is not to send them away with too much cash which is a temptation," said company spokesman Phillip Robinson.

Last week saw the end of term at many high schools and college around the UK, prompting the beginning of a traditionally busy travel season.

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