One in three parents raid their children's savings

Young investors beware!  A study by has uncovered that 30% of parents with under 18s have taken or borrowed money from their children’s piggy bank or savings account.

More than a quarter of parents said that they used their children’s cash to help pay bills with 17% saying it was used for fuel bills and 16% spending the money on grocery shopping.  One in eight borrowed from their children at least once a week taking £50 on average although 16% said they took at least £100. 

A fifth admitted taking the cash because their children were too young to notice and said it was easier to borrow from their children to avoid being stung by the fees that a bank or credit card provider would charge.

On average children receive approximately £300 a year in pocket money, leaving a sizeable fund to tempt parents to dip into.

Andrew Cross of Arcus said;

“This survey reveals the pressure parents are under to find money for day to day living expenses.  Whilst we all have times when we need to access small sums of money at the doorstep to pay the delivery man or a charity collection, it’s quite shocking to see how some families are relying on their children’s cash to pay for essentials such as fuel and groceries.”

  • Date posted:
  • Share:

View all articles

We found Arcus Taxation Accountants professional and diligent

Andrew, Hambleton

I have found Andrew not only very personable, but the work he carried out for me was excellent, on time, and always gave a positive return

Nick, Oakham

His thoughtful, friendly and professional approach is excellent

Gareth, Oakham

© 2019 Arcus Taxation Accountants is the trading name of Arcus Associates Ltd. Registered in England & Wales Company No. 05065405.

privacy / cookies

website cms powered by csb internet

01572 770552