Children’s piggy banks being raided by parents

PIGGY bank-plundering parents are typically taking nearly £50 a year from their children’s savings, a survey has found.

A survey of parents with children aged between four and 16 found 60 per cent admitted to dipping into their offsprings’ savings. The average amount taken by parents over a 12-month period was £46.20, according to the research from Nationwide Building Society.

Paying the school lunch money, needing loose change for parking and covering school trips were the most common reasons given – and 34 per cent of parents do not always pay the money back. A quarter owe their children £25 or more, while one in 20 admit to being in debt to their child to the tune of £100 or more.

Fathers tend to take more than mothers and are also less likely to pay it back afterwards, the survey found.

The Nationwide is urging parents to keep a small kitty for day-to-day costs.