Parents raid children’s piggy banks of up to £50 a year

One in five parents admit to pilfering �60 or more a year
One in five parents admit to pilfering �60 or more a year

Piggy bank-raiding parents are plundering nearly £50 a year typically from their children’s savings, a survey has found.

A survey of parents with children aged between four and 16 found three-fifths (60%) of mums and dads admit to dipping into their offsprings’ savings.

The average amount taken by parents over a 12-month period is £46.20, according to the research from Nationwide Building Society.

Paying the school lunch money, needing loose change for parking and covering school trips are the most common reasons for parents dipping into piggy banks, the research found.

Other reasons include donating to school charity days and paying for clubs and societies.

And more than a third (34%) of parents do not always pay the money back. A quarter (25%) owe their children £25 or more, while one in 20 (5%) admit to being in debt to their child to the tune of £100 or more.

Fathers tend to take more than mothers and they are also less likely to top their child’s piggy bank back up afterwards, the Nationwide Financial Planning survey found.

One in five (20%) parents admit to pilfering £60 or more annually, while just over a fifth (21%) raid the piggy bank at least twice a month.

Nearly two fifths of (39%) parents said their child had noticed the money had gone missing.