Industry News
'Parents to spend less on their children'
Posted on 20th February 2008
More than one in every two parents are planning to spend less on their children in 2008, according to new research from Engage Mutual Assurance.
The firm's 3GB research shows that 56 per cent of parents will cut kid-related expenditure over the course of the year and 44 per cent of respondents feel that they are "struggling to make ends meet".
Commenting on the research, Karl Elliot, 3GB spokesperson for Engage, states that increased costs of mortgages, food and fuel are all having an effect on the parental pocket.
However, he also states that parents can prepare for the future and encourages them to "continue saving little and often for their children’s future even if it is just £5 each month".
Other figures contained within Engage's data include that 38 per cent of parents predict that they will have to reduce the number of holidays they take their children on this year and around a quarter (24 per cent) will limit spending on their children's clothing.
The study also revealed that parents aged between 45 and 54 are "finding it hardest to give their children what they want or need".
In related news, Telegraph columnist Judith Woods recently claimed that some families are over-extending themselves financially in order to send their children to private school.
Ms Woods wrote that this trend is a result of parents "abandoning sub-standard state schools". 