Receiving the first credit card bill after Christmas can be a shocking experience, turning January into a lean time after all of the holiday plenty.
However, a new survey has indicated that many parents are turning to their children’s Christmas money as a way to make ends meet this month.
The survey, conducted by MyVoucherCodes.co.uk, reveals that 1 in 10 of over 1,500 parents have taken some of their children’s Christmas money in order to pay for groceries, utility bills, or help pay off credit card bills incurred during the expensive holiday season.
Of the 11 percent of parents said they took their children’s money, more than half (52 percent) said that they took the money without their children noticing.
Arabela Velasco of MyEggNest.com, a website offering information and expert help regarding children’s savings, said: "Christmas time can be the ideal time to start your children on the right savings path, as they are likely to have received lots of money in gifts that is better used in a savings account than on toys or clothes. Using children’s Christmas money in order to pay off debt incurred from their own Christmas gifts can be very counter-productive in terms of building your children’s savings habits. It’s best to budget for the Christmas season, so that the post-holiday stress doesn’t extend to your children’s finances as well."
Unfortunately, the survey also revealed that just 19 percent of parents who raided their children’s Christmas money intend to pay it back.
"While the survey found the average amount taken was just £30, it’s worrying that parents are taking money without their children’s knowledge. If you have to take money that was given to your child, that’s understandable, but perhaps try to pay back the money into their Junior ISA as soon as possible," Velasco continued.
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