Advice and Tips

Half of parents borrow cash from their kids

.. Of those that have borrowed money from their children, 81% haven’t paid it back!

Research commissioned reveals that 48% of parents borrow money from their children, and 19% blame it on the expense of raising them.  

 A recent study of 1,409 British parents has found that almost half, 48%, have borrowed money from their children, with 26% of them admitting that the child is younger than 18.

 Of those that have borrowed money from their children, 81% haven’t paid it back. When asked the multiple choice question, ‘Why haven’t you paid back the money you borrowed from your child?’ 39% said they had forgotten, while 16% claimed their child didn’t expect the money to be returned. 

Fathers are more likely to borrow money off their children, with 57% of those asked admitting they have borrowed money from their children, whilst 39% of mothers admitted to having done so. Of those polled just 17% said that they wouldn’t borrow money off their children.

 More than 1 in 10 parents, 12%, admitted that they have borrowed money from their child aged between 14 – 16 years. A further 14% have had money lent to them by their 16 – 18 year old child. The most popular reason for borrowing money from their teenager was for household bills, revealed by 54% of those asked.

 Almost 1 in 5, 19%, blamed their poor finances on the expense of raising a child, and 22% said they ‘don’t feel guilty’ for taking money from their kids.

 Parenting expert Matthew Clifton, of MyVoucherCodes.co.uk said,

 “We have just pulled ourselves out of a recession, and it proved tough times for all of us. When families start to struggle it is fair for all to chip in on the household bills. However, 14 year olds will only have small amounts of money, likely earned from a paper round, or even given to them by parents themselves. Parents should be teaching how to save and manage money, not borrowing it.”

 He continues,

 “It seems quite ironic that such a large percentage of parents blame the expense of raising kids on their need to borrow money from them. Saving money and managing finances is difficult, but this is when websites such as MyVoucherCodes can be invaluable.” 

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