Parents raid children’s savings in recession
THE recession has forced one in five parents to raid their children’s savings, according to new research.
A survey from Engage Mutual shows that most adults who admit to dipping into their kids’ funds claim the money is only a short-term loan.
Engage’s Karl Elliott said: “It is evident from this survey that most parents who have borrowed money from their children have done so only because they found themselves in a desperate situation.
“Almost six in 10 adults admit their financial situation has worsened significantly over the past 18 months.
“While it might be possible to budget for everyday spending and the usual bills and direct debits, it is the unexpected costs that people find hard to cope with.
“The problems occur when parents find it hard to pay the money back.”