NS&I: Parents debt worsening to fund children

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NS&I: Parents debt worsening to fund children

British parents are going further into the red to prevent their children from missing opportunities, new research has found.

A study by Nationals Savings and Investments (NS&I) found that almost a third (29 per cent) of parents are increasing their overdrafts and more than a quarter (27 per cent) are using loans or credit cards to finance their children.

For most parents (59 per cent) the reason stems from wanting their children to enjoy opportunities such as cultural trips, sports and music lessons or extra tuition.

But 15 per cent say they cannot refuse their children's demands.

Meanwhile, Age Concern is calling for urgent government action to increase take-up of the Pension Credit scheme.

The charity says that there are "deeply ingrained barriers" to claiming benefits and wants the government to bring in a system of automatic payments.

This idea is supported by seven out of ten older people, according to a survey.

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