Cash-strapped parents raid their children's money

11 January 2013

Cash-strapped parents have turned to their children's Christmas money to make ends meets this month, according to research by a money saving website.

The survey by found a tenth of more than 1,500 parents had taken money given to their children as a gift to pay off ‘Christmas debts', groceries or utility bills.

Of the 11% who admitted to using the money, 52% said they took the money without telling their child.

Worryingly, only 19% intend to pay their child back.

The survey found the average amount taken was £30.

Shocking, but not surprising

Mark Pearson, chairman of the website, says: "January is a terrible time financially as Christmas is so costly, so even though this is shocking to hear, it's somehow not surprising.

"If you have to take money that was meant for them, pay them back or put something in savings for their future at some point to avoid the guilt."

For our tips on how to make it through January and borrow money the right way click here.

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