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Bank charges: Parents relying on their children's money for extra cash

Parents who may be having trouble paying off bank charges may be leaning towards an unconventional form of savings.

Research by the Yorkshire and Clydesdale Bank has revealed that 57 per cent of parents admit to using their primary school-aged children's piggy banks when they need a little extra money.

Findings also revealed that mums l tend to borrow from their kids more than dads, with 43 per cent raiding piggy banks compared to 23 per cent respectively.

More than one in ten (13 per cent) also admitted that they borrowed this money because they were broke.

However, the survey also showed that 78 per cent of parents are putting money away for their child's future.

Steve Reid, retail director for Clydesdale Bank, said: "It is encouraging that so many parents are not only saving for their children's future.

"A third of parents opening a bank account for their children while still at primary school is a fantastic way to improve financial education and instil the importance of saving in children from an early age."

Charles Baker

Charles is a reputed financial analyst with almost decades of experience under his belt.

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