Parents are 'piggy bank raiders'

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Parents are 'piggy bank raiders'

Wed 3rd Jan 2007

Due to the mounting costs associated with Christmas, new research has found that one in ten Scottish parents will be forced to delve into their children's piggy banks this January.

Kids in Scotland were found by Clydesdale Bank to have received a cumulative total of £190 million during the festive season, a sum that around 83,000 parents plan on raiding during the new year.

More than one in every two Scottish parents told Clydesdale Bank that they will struggle with their finances during the first month of 2007 following spending increases during December of last year.

Steve Reid, Clydesdale Bank's director of retail banking, said: "January is possibly the hardest month of the year financially for most Scots. Many have to make their December salary last through Christmas and until the end of January.

"Raiding the children's money box must surely be the last resort though, especially if the parents struggle despite their best intentions to pay back the full amount."

Clydesdale Bank is a subsidiary of National Australia Bank Group, which has assets worth £180 billion.

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