Latest Debt News
Parents warned not to break the bank this weekend
29/04/2008 18:07:00
The Co-operative Bank has urged parents to avoid landing themselves in debt by spending too much on entertaining their children this bank holiday weekend.
Findings from the financial services provider revealed that up to half of those couples questioned were unprepared to cope with the extra financial demands put on them by keeping their children occupied during school breaks.
Scott McPhail, savings manager at the Co-operative Bank, said: "These findings clearly demonstrate that many parents can vastly underestimate the cost of keeping their children entertained during school breaks over the course of a year."
The average family spends more than £37 extra per week during the summer holidays, but only 39 per cent of parents put any money aside to prepare for this.
Despite not anticipating the extra financial burden brought by the summer holidays, when it comes to saving for their children's future the majority of families are much more prepared.
Over half of all parents in the UK are saving money for their children's future.
Meanwhile, research from Scottish Widows showed that parents are turning to their grown up children for help paying off their debts.
© Adfero Ltd