Many parents 'forced to borrow cash from children'

Many parents had to make use of their children's savings last year, in order to make up for shortfalls in their own finances.

This trend applied to as many as 31 per cent of parents, figures published by Money.co.uk suggest.

Meanwhile, the website has revealed that 7.6 per cent of those people who did need to take cash from their youngsters have still not paid back the full amount they owe.

Its managing director Chris Morling believes that savings accounts might prove more useful than piggy banks when it comes to storing children's savings.

"You have to wonder how much extra money our children are missing out on if their pocket money is sitting in piggy banks, rather than savings accounts," he commented.

While people might resort to borrowing from their children if they are struggling with credit card debt, Money.co.uk also recently revealed that loose change is currently being saved by 63 per cent of the country's households in jars.

Posted by Gemma Walker.