A survey by child trust fund provider Engage Mutual Assurance surveyed 3000 parents, finding one in five have borrowed money from their child’s saving account.
44% of those admitted taking between £200 and £500, borrowing the cash over a period of five months.
Blaming the recession for the five fingered discount from their little one’s piggy banks, 82% of parents said the money was just a loan, with the majority using it for unexpected car repairs, house repairs and other bills they needed to find last minute extra cash for.
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