The credit crunch has led to the reduction in children’s pocket money as parents tighten their belts. Parents are using their savings and have had to cut pocket money due to rising bills two surveys have reported today.
A survey of 1050 people found that 14% of them had used their savings to pay for food and 12% had settled their mortgage or rental payments by dipping into their savings.
7 out of the 10 people asked suggested that they thought they would be paying more money on food, bills and petrol within the next 3 months.
17-year-olds have been the hardest hit this summer with them finding the biggest dent in their pocket as ‘the bank of mum and dad’ simply cant afford to give them any more money.
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