AXA: Teenagers suffer as credit crunch hits bank of mum and dad
www.moneynews.co.uk > General finance > AXA: Teenagers suffer as credit crunch hits bank of mum and dad
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AXA: Teenagers suffer as credit crunch hits bank of mum and dad
Fri 11th Jul 2008
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According to the research, 17 per cent of parents have reduced the amount of money they give out or cut it completely in the last six months.
Furthermore, 21 per cent claim to have encouraged saving.
One in ten parents of 16 to 18-year-olds say they have stopped lending money to children, while one in six parents of 11 to 15-year-olds have cut funding for purchases outside of the usual allowance.
AXA believes 17-year-olds will be hardest hit as they approach university or their first job.
Younger parents and those approaching retirement are most likely to cut spending on their children.
Alison Green of AXA said most teenagers polled said their parents help them if they run out of money, but this may change as "parents are getting tough".
It conflicts research by Skipton Building Society earlier this week which found that 89.9 per cent of children received the same or more pocket money than last year.
The Tooth Fairy still runs a £23.4 million-business, according to the Children's Mutual's annual Tooth Fairy Index, released last month.
Related News : General finance |
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Related News : AXA |
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