Yorkshire Bank: Children to be parents' creditors

04 January 2007
Over a million parents plan to raid their children's piggy banks this January to help them get through the financial tight patch that follows Christmas, according to research from Yorkshire Bank.

The study found British children have collectively received a massive £2.2 billion in cash over Christmas, the equivalent of £191.50 each.

While 44 per cent of parents in the UK told the bank they will find January a serious financial struggle, as many as 1.3 million (12 per cent) said they may have to borrow from their children to keep afloat.

Life's little luxuries will have to go, for a larger proportion of parents – 25 per cent resolved to cut out pub and cinema visits until February while 20 per cent will not go to restaurants.

An unpopular 300,000 even plan to return some of their children's toys to the shop.

Yorkshire Bank urges parents to invest their children's Christmas money instead in a Children's Savings Fund, encouraging them to face a more stable financial future by saving early.

For more information about child savings, click here.

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