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, 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


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

mum with child1 of 11
CREDIT: Getty Images

mum with child

mum with child2 of 11
CREDIT: Getty Images

1) Being there when your child needs you

mum with child3 of 11
CREDIT: Getty Images

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

mum with child4 of 11
CREDIT: Getty Images

3) Coping with all the highs and lows of parenting

mum with child5 of 11
CREDIT: Getty Images

4) Loving your child unconditionally

mum with child6 of 11
CREDIT: Getty Images

5) Being emotionally available for your child

mum with child7 of 11
CREDIT: Getty Images

6) Answering all their questions dozens of times

mum with child8 of 11
CREDIT: Getty Images

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

mum with child9 of 11
CREDIT: Getty Images

8) Going without so your child has what they need

mum with child10 of 11
CREDIT: Getty Images

9) Being pregnant and giving birth

mum with child11 of 11
CREDIT: Getty Images

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 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!"

**What do you make of this study? Does this resonate with you or your loved ones? Let us know over on **Facebook and Twitter.


This mum charges her five-year-old daughter RENT

THIS is how much of your life you spend waiting around...

One Born Every Minute mum discovers midwife slept with her baby daddy!

Just so you know, whilst we may receive a commission or other compensation from the links on this website, we never allow this to influence product selections - read why you should trust us