Young holidaymakers ‘adding to parents’ debt woes’

With debt management difficulties already mounting for millions of consumers, the latest figures suggest 25 per cent of young holidaymakers will turn to their parents for financial assistance this summer.

The research carried out by Lloyds TSB also discovered that 38 per cent of parents think that their children have no idea how to budget effectively and the same proportion expect their offspring to overspend while on holiday.

Philip Robinson, head of debit cards and travel services at Lloyds TSB, remarked: “Parents are understandably nervous about picking up the bill for their children’s fortnightly holiday excesses.”

Meanwhile, figures from MoneyExpert.com reveled recently that around 1.4 million UK consumers are still dealing with debt management problems caused by their spending on holiday last year.