Over three-quarters of parents have downsized their family expenditure to avoid falling into debt as a consequence of the current economic climate, a study has shown.
A survey by LV= found that 77 per cent of parents have cut back on their family budget – and especially on such luxury items as holidays and trips out.
Almost half the caregivers questioned (49 per cent) said they had put a stop to such treats to ease the financial burden.
The same figure admitted that they had also reduced their outlay on clothing.
Further money-saving techniques adopted by parents have included buying lower-cost goods at the supermarket (70 per cent) and purchasing second-hand articles (31 per cent).
The news follows a recent study carried out by BeGrand.net that claimed an increased amount of grandparents are spending a significant proportion of their retirement funds to pay towards the upkeep of their grandchildren.