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Parents are secret piggy bank raiders

When you’re running low on cash, do you find yourself raiding the kids’ bank accounts?

 

Millions of parents are secret piggy bank raiders, according to new research from Santander.

The survey of 2,000 people found that 32 per cent of parents take money from their children’s savings.

44 per cent said an unexpected bill was the most common reason for dipping into their children’s cash.

While 49 per cent said they paid the money back as soon as they could, 15 per cent of parents said they had no intention of giving it back.

The study also revealed that 39 per cent in Britain, who set up a savings account for their children admit they have stopped paying in money due to financial strains or the fact they had just forgotten.

Helen Bierton, Head of Savings at Santander, said: “Regularly putting money away, however little, and building a savings habit has a hugely beneficial long-term impact.”

While paying for a surprise bill is the most popular reason for dipping into children’s savings, other reasons include paying for things for the child, covering daily expenses, paying for a car, holiday or other luxury/big ticket item.

Opening a savings account for your child is a great way to build up a nest egg for your child’s future.

Parents are now advised to open up a Junior ISA for their children, which allows £4,080 to be paid in each year, but the money still belongs to the child.

Once your child reaches 16 they can take full control of the account, but money can’t be withdrawn until they turn 18.

Setting aside some cash for your children will encourage them to save in the future and teaches them valuable lessons about money that will stand them in good stead in later life.

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