Parents are having to dip into their kids’ savings accounts to pay BILLS

Pocket money

by Emma Dodds |
Published on

A study has found that hundreds of parents across the country are being forced to borrow money from their children's bank accounts

Hundreds of British parents are so strapped for cash that they're having to take money from their children's bank accounts in order to pay bills and other everyday living expenses.

According to research undertaken on behalf of comparethemarket.com, one fifth of parents polled admitted to borrowing money out of money that was being saved for their children.

GALLERY: The top 10 things that REALLY make you a mum

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The top 10 things that really make you a mum (slider)

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mum with child

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1) Being there when your child needs you

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2) Wanting your child’s happiness more than your own

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3) Coping with all the highs and lows of parenting

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4) Loving your child unconditionally

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5) Being emotionally available for your child

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6) Answering all their questions dozens of times

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7) Doing the drudgery of domestic chores like washing, cooking and cleaning out of love

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8) Going without so your child has what they need

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9) Being pregnant and giving birth

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10) Having a biological child

Almost half have taken money to pay household bills and another 19% have needed it to buy grocery shopping, with one in six ironically having used money from their child's savings to cover childcare costs.

The study also found that kids receive an average of £23 a month, which means they are saving a total of £276 every year.

Lucky things! We wish we got an extra little bit of cash just because.

Jody Coughlan, Money Manager, at comparethemarket.com said: "Fortunately for kids, the wider squeeze on the household budget seems to have had little impact on the generous amounts parents wants to give their children.

"That said, parents do need to ensure that they are able to give their kids this pocket money, without needing to dip into it to cover wider household bills."

WATCH: "I get £5,000 pocket money a month - but I'm not spoiled!"

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