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Bank Claim: Parents have 'no money left for children's' savings'

People have no money left to save up for their children's future, new research has found.

A survey of UK parents concluded that the increasing cost of living associated with the financial crisis has led to 36 per cent of parents not being able to afford to put any money away for their children.

One-third of the people surveyed said the situation had worsened over the last 12 months and they are now saving less than a year ago.

The average amount saved for their children by UK parents is less than £10 a month.

"It's a tricky time for parents as they try to do their best for their child's future, while providing for them at a time when living costs are continually rising," said James Hillon, head of savings at The Co-operative Bank, which commissioned the research.

The findings follow Finance & Leasing Association figures which revealed people in the UK are concentrating their financial efforts on home improvements and debt payments.

Samantha Clarke

Samantha is a former banking assistant and has over ten years experience in retail banking.ADNFCR-2776-ID-800741895-ADNFCR

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