Oct 10 2008
UK parents are willing to give up some of the finer things in life in order to save for their children, new research suggests.
According to figures produced by Family Investments, 83 per cent identified beauty products as first on the list of things they would sacrifice in order to put cash away for their offspring's future.
This was closely followed by clothes shopping, which was identified by 81 per cent of parents as a luxury they could do without.
Meanwhile, nearly half (49 per cent) of survey respondents said they will be cutting back on holidays in order to ensure their children's savings are not neglected during the credit crunch.
"In our experience, saving for a child's future is a parental obligation, so when things are getting tough this the last area that parents are willing to cut back on," stated Kate Baker, head of savings and investments at Family Investments.
Parents may indeed be wise to focus on saving, with research conducted recently by YouGov for GE Money suggesting that four in ten students receive parental funding.
