Credit cards Updated:
Unsecured loans and credit cards are being taken out by 27 per cent of parents to provide for their offspring, new figures have revealed.
The latest survey from National Savings and Investments (NS&I) found that 59 per cent of parents are choosing to apply for extra credit using financial services such as unsecured loans as they want their children to have the best opportunities.
Senior savings spokesperson Tim Mack advised many parents to consider their outgoings carefully.
"It is only natural that British parents should want to put their children first and make sure that they have the best opportunities available, but this is having a significant impact on their wallets," he said.
Parents wanting to find the most ideal credit option may want to use the internet to make a credit card comparison between lenders.
These findings echo comments from Michelle Slade of Moneyfacts.co.uk earlier this week.
Ms Slade noted that many consumers are using their savings or credit cards to fund their usual spending habits.
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