Majority ‘would use a windfall to clear debt’

Paying off debts would be the priority for most adults if they received a windfall of £1,000, according to a new survey.

In its UK kids poll, Tesco Savings revealed that while the majority of children believed their parents would spend the cash on a holiday, more than half of mums and dads said they would use it to help sort out their finances.

The company suggested that the recession may have impacted on the answers, although it found vacations were still important for many, with 40 per cent of adults saving up for a trip away.

In May, Tesco Travel Money revealed that Britons were looking for bargain breaks in an effort to cut expenditure in light of the economic downturn.

It found that 34 per cent were expecting to spend less than they did in 2008, while 12 per cent said they would make significant reductions to their budgets.

By Chris Trimble