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60% of parents raid 'Bank of Child'

Piggy bank

Parents could be increasingly reliant on their children’s savings, according to new research.

A yearly poll conducted by Nationwide found that six in 10 parents raid their children’s piggy banks to cover costs, marking a 14% rise on last year’s study.

The amount taken each year has also more than doubled to £46.20, up 115% from 2016.

“At a time when increasingly fewer people carry cash, we can often get caught short when scrabbling around for change,” said Larry Banda, director of financial planning at Nationwide.

“And quite often it’s children who have more loose change than anyone, as it’s often nicely tucked away in a money box.

“So, it’s no surprise that parents take the opportunity to raid their kid’s piggy bank for things such as parking or the school lunch money.”

The most common reason for taking from the ‘Bank of Child’ was for paying school lunch money at 32%, closely followed by needing loose change for parking (29%) and covering school trips (24%).

More than a third (34%) of parents said they do not always pay the money back, with 43% of dads guilty of such practice, compared with just 30% of mothers.

One-quarter (25%) of parents owe their child £25 or more, while 5% admitted to being more than £100 in debt to their offspring.

“We would always recommend putting savings aside for a range of purposes,” added Larry.

“But why not try to emulate your children and keep a small kitty at home for those day-to-day costs, whether school lunch money or to pay the milkman.

“It could save you an awkward moment of explanation should you forget to return your child’s investment.”

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