Parents ‘using kid’s savings to make ends meet’

Some adults are struggling so much with their finances that they are borrowing money from their children’s savings, it has been revealed.

One in five parents have done this, research by Engage Mutual Assurance has found, with 60 per cent taking amounts between £200 and £5,000.

Around four out of ten have used this money to pay sudden bills, while 20 per cent needed the cash to meet unexpected car repair costs.

Marketing director for Engage Karl Elliott commented: “It is evident from this survey that the majority of parents who have borrowed money from their children have only done so because they found themselves in a desperate situation.”

Those who have debt management problems may find that changing financial products is a better ways to solve their money worries.

Earlier this month, joint chief executive at the Daycare Trust Emma Knights noted that many parents may be unaware they are able to claim child tax credits.

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