20% of parents admit borrowing from children’s savings

British mums and dads confess to helping themselves to thousands of pounds

20-of-parents-admit-borrowing-from-childrens-savings_10015

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.

Advertisement

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.

Advertisement

Have you pinched a bit here and there? ‘Fess up with other mums below…

Comments ()

Please read our Chat guidelines.