Now it’s the bank of son and daughter

ONE in three children worries about money, while some have been forced to lend cash to their own parents, a report has revealed.

The study, carried out by Halifax, said that the recession appears to have left a lasting legacy on the nation’s children, with three-quarters of youngsters saying they are aware that their parents have financial concerns.

Nine out of 10 parents admit to worrying about money, with most failing to hide this from their children. Almost onethird of parents admit borrowing money from someone they know at some point, while one in six children claim that they have had to do the same.

Even younger children have entered the world of money lending, with one in ten eight to 11-year-olds claiming they have borrowed cash from someone they know.

A quarter of children have also lent money out to others, with around a third of these saying the cash was borrowed by their own parents, a slight increase from last year. Giles Martin, head of Halifax savings, said: “Parents need to be very aware just how much of an impact their own feelings about money can have on their children’s views and habits.”

Bryan Evans, of Children 1st, said: “Whilst it is good for children to have an understanding of the real world, it’s concerning that some children are anxious about money. Sadly, poverty is a reality for many children and families we work with, and this is potentially going to get worse.”