Parents make sacrifices for children
March 14, 2008 by admin
Filed under News, News-Banking
Parents are making considerable financial cut-backs in order to afford what their children want, according to new research. 
Findings from Engage Mutual reveal that up to 49 per cent of parents with children under 18 say that they have given in to their children’s pleading in the last 12 months.
A further 68 per cent said they would make financial sacrifices to be able to afford gifts that their children ask for.
Karl Elliott, spokesperson for Engage Mutual said: “With kids being spoilt for choice for toys, technology and games, many feel pressure from their peers to keep up with the latest gadgets and labels.”
He added that the research gives a new perspective into family finance with some children ‘wearing the trousers’ when it comes to family spending.
The survey found that up to 44 per cent of parents with children under 18 say that they cannot always afford what their children want or need, with 81 per cent of these parents being more likely to make sacrifices.
Meanwhile, the child poverty action group has welcomed the proposals in the budget stipulating that £1 billion will be put aside to help child poverty.
