A tenth of parents admit to spending their children’s Christmas money

According to the research conducted by a leading discount website in the UK, financial difficulties that are associated with January shows that 1/10th of British parents dip into their children’s money just to make ends meet. These monies are those that were given as gifts for Christmas, with a majority of these being taken even before their children knew they even had it.

Desperate times call for desperate measures and according to new research from the UK’s leading discount website, that’s exactly the situation for many parents across the UK currently. A new poll has revealed that a tenth of parents admit to using their own child’s Christmas money to make ends meet this month already.

www.MyVoucherCodes.co.uk carried out the poll as part of ongoing research into the financial struggles often associated with the month of January; following the notoriously expensive month of December and the festive period. 1,592 parents with children aged 10 or under took part in the poll and 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?’ more than a tenth, 11%, of those taking part admitted that they had. Of these, 52% said they had taken the money from the child without them even knowing.

When asked what they’d specifically used the money they’d taken for, the majority, 35%, said it was to ‘pay off Christmas debts’, whilst 32% said it was for groceries and 24% 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’d taken; to which the average answer was ‘£30’. However, just 19% of these intended to pay their child back and only 12% asked their child if they could have the money before taking it. 36% simply told their child they’d be having/needing the money.

Mark Pearson, chairman of MyVoucherCodes.co.uk, said the following about the findings of the poll: “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.

“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.”