Would you take your child's Christmas money?
A tenth of British parents have already dipped into their children’s Christmas money, given to their youngsters as gifts, to make ends meet, says new research from MyVoucherCodes.co.uk.
Research from the leading discount website into the financial struggles often associated with the month of January also revealed that the majority of these mums and dads took the money before the child even realised they had it.
But, desperate times call for desperate measures and according to the research that is exactly the current situation for many parents across the UK.
I think making your child understand that money doesn’t grow on trees is a good way to prepare them for the future. If you have to take...
www.MyVoucherCodes.co.uk carried out the poll as part of on-going research into the financial struggles often associated with the month of January; following the notoriously expensive month of December and the festive period. It polled 1,592 parents with children aged 10 or under, who answered questions about spending this month.
When asked, ‘Have you used any of the money that was given to your child as a Christmas gift to make ends meet this month?’ 11 per cent of those taking part admitted that they had. Of these, 52 per cent said they had taken the money from the child without them even knowing.
Mark Pearson, chairman of MyVoucherCodes.co.uk, said: “It’s a sad reality that parents have to resort to taking their child’s Christmas gift money to make ends meet. January is a terrible time financially, as Christmas is so costly, so even though it is shocking to hear, it’s somehow not surprising.”
When asked what they had specifically used the money for, 35 per cent said it was to pay off Christmas debts, whilst 32 per cent said it was for groceries and just under a quarter said it was for utility bills or other household bills.
The parents who admitted to taking some of their child’s Christmas money were asked how much, in total, they had taken, to which the average answer was £30. However, just 19 per cent of these intended to pay their child back and only 12 per cent asked their child if they could have the money before taking it, while 36 per cent simply told their child they would be having/needing the money.
Mark added: “I think making your child understand that money doesn’t grow on trees is a good way to prepare them for the future. If you have to take money that was meant for them, pay them back, or put some in savings for their future at some point to avoid the guilt.”
For more information on the latest money-saving codes, visit www.MyVoucherCodes.co.uk
You might also like:
Top Five Discounts from MyVoucherCodes
Tagged in Christmas Parenting Money children Parenting News