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Loan charges: Parents 'spend £500 annually' on trendy goods for children

Many mums and dads are incurring bank charges and making credit card claims in an attempt to help their children to fit in, a study has shown.

Research from Skipton Building Society found the average parent spends nearly £500 every year ensuring their children do not stand out from the crowd, buying them the same gadgets, clothes and toys as their peers.

Furthermore, six in ten respondents to the company's poll purchase faddy items as soon as their son or daughter asks for them, rather than wait until they decide their child has earned it.

Some of the reasons adults say they buy their children these items include encouraging them to do their homework, bribery or because they feel guilty for working long hours.

A total of 17 per cent of mothers and fathers reported that their child's peers are pressuring them into owning these goods, so they buy them.

"We've been living through a credit crunch for four years now which - although difficult - could also result in youngsters better understanding how important it is to spend and save money wisely," head of corporate communications at the building society Tracey Fletcher said.

John Fieldman
Having worked in the city for 19 years, John's main focus is interest rates and corporate finance.ADNFCR-2776-ID-801430392-ADNFCR



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