British parents are getting into debt because they do not want their children to miss out on anything, it has been claimed.
The quarterly survey from National Savings & Investments has found that 29 per cent use overdrafts and 27 per cent take out a loan or credit card to finance their children’s upbringing.
In addition, 52 per cent work extra hours and 26 per cent take on a second job to live up to the expectations of their kids.
Spokesperson Tim Mack said that debt management is useful for households in controlling their outgoings.
“Families need to plan their household finances carefully, trying not to dip into their overdrafts … this should help parents resist children’s demands for things that are just nice to have.”
A recent report from Citizens Advice stated that one in three British children are living in poverty – and that the figures are rising.