Jan 2 2007
While many parents may be avoiding the pub or the cinema in order to save money in January, they have been advised to invest the money their children have received at Christmas in a savings scheme.
Yorkshire Bank reports that the month following Christmas could be the hardest all year for many Britons, noting that 44 per cent of parents state that they could find January financially difficult.
Meanwhile, 12 per cent of parents admit the possibility of borrowing money from their children for the month.
Gary Lumby, head of retail at Yorkshire Bank, said: "Our advice to parents is to the invest the Christmas money given to your children into one of our savings accounts or our market leading five year child's savings bond."
He added that more parents should encourage their children to invest money gifted to them at Christmas in favour of spending the money on toys that will not last.
Research from Liverpool Victoria published last month found that parents in the UK would spend an average of £262 per child for Christmas presents in 2006.
