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30 per cent parents in UK raid their kids’ savings: study

The research says 3 in 10 parents borrow money from their child's piggy bank or savings account.

Written by Agencies | London | Published: September 25, 2012 7:46:24 pm

Three in 10 cash-strapped parents in the UK are raiding their children’s piggy banks to pay bills,a new survey has found.

Thirty per cent of parents with children under 18 have taken or borrowed money from their child’s piggy bank or savings account,research from Moneysupermarket.com,the comparison service,found.

One in eight “piggy bank raiders” borrow from their children at least once a week and the average amount taken is 50.26 pounds,The Telegraph reported.

Around 16 per cent admitted to taking at least 100 pounds from their child.

A fifth said they took the cash because their children were too young to notice it missing. The same number said they haven’t paid the money back yet,although 58 per cent of these parents said they intended to.

However,almost eight in 10 parents said they had paid back the money – and 19 per cent even paid interest. More than a quarter of parents said they used their children’s cash to help pay bills,while 17 per cent said it was used for petrol money.

Some 16 per cent used the money for grocery shopping.

Fifteen per cent said it was easier to borrow from their children than from their bank or other lender,and 11 per cent used their children’s funds to avoid being stung by fees that their bank or credit card provider would charge.

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