Parents plundering children's money
More than a million parents are set to take money from their children's savings in January, new figures show.
Data from Yorkshire Bank shows that while half of parents struggle financially in January, the UK's children receive £2.2 billion in cash as Christmas presents.
And this temptation is too much for one parent in eight, who ends up borrowing money from their children, figures from Yorkshire Bank show.
"January is possibly the hardest month of the year financially for most Brits," said Gary Lumby, head of retail at Yorkshire Bank.
"Many have to make their December salary last through Christmas and until the end of January."
And this is leading parents to their children's piggy banks.
"Raiding the children's money box must surely be the last resort though, especially if the parents struggle despite their best intentions to pay back the full amount," Mr Lumby said.
Figures from Yorkshire Bank show 1.3 million parents are set to borrow money from their children's savings to help them through the month.
This is especially tempting given that children receive, on average, £191.50 each in Christmas cash with 300,000 children returning unwanted toys to the shop to get extra money.
However, despite being flooded with money, only one parent in four is set to encourage their children to save their Christmas money.
"It's good to see that at least some parents are encouraging their children to save money," Mr Lumby said.
"Worryingly, though, they seem to be a minority.
"Three in every four could be spending the money they've received on toys that are here today, gone tomorrow."
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- child savings account ,
- news ,
- savings general
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