Parents 'borrow money from kids to pay bills'

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More than one in five parents borrow money from their children's savings to pay for household bills, according to Engage Mutual Assurance.

Unexpected and expensive bills mean that 44 per cent of parents are borrowing between £200 and £500 from their children's savings to stay afloat. In total 40 per cent of parents said they used the money to pay for household bills such as gas and electricity.

According to whatprice.co.uk, the average electricity bill for a semi detached house in the UK is £825 and the average gas bill is £762. The energy watchdog Ofgem has suggested that households could save over £100 per year by switching gas and electricity supplier.

Karl Elliott, marketing director at Engage Mutual, said: "Almost six in ten adults admit their financial situation has significantly worsened over the past 18 months. And whilst it might be possible to budget for everyday spending and the usual bills and Direct Debits, it is the unexpected costs which people find hard to cope with."

A recent survey from the Co operative Bank revealed that UK homeowners are investing more money in energy efficient technology in a bid to reduce carbon emissions and cut their gas and electricity bills.

Click here to run an energy price comparison, and see if you could be paying less for your gas and electricity.


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