Kids get taste of economic downturn

Posted 2008-04-1

The economic downturn has left the majority of British parents planning to spend less on their children, new research has suggested.

Fears of a recession have reportedly left 56 per cent of parents saying they will be cutting back on holidays, day trips, toys and other luxuries that their kids might normally hope to enjoy.

Furthermore, a whopping 44 per cent of parents with children under 18 say they are already struggling to make ends meet.

Karl Elliott, 3GB spokesperson for engage Mutual Assurance, said that a multitude of economic factors were combining to bear down on personal finances and that everyone in the pecking order would feel the pinch.

"With the increased cost of food, fuel and mortgages taking effect, our research shows that many parents anticipate finding it increasingly difficult to make ends meet in the year ahead," he said.

"However, we encourage parents to continue saving little and often for their childrens future even if it is just £5 each month."

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