More than half of UK parents spend more money on their children than themselves

It won’t come as a surprise to most of us, but according to a poll of UK parents, more than half of us are spending more money on our children than ourselves.

According to a study of 2,310 parents by vouchercloud.com, in a typical month, 56 per cent totalled up the amount they spend on their children exceeded the amount they spend on themselves.

This included money being spent on leisure, clothes, shoes and time with friends.

A 20 per cent said they spent the same amount on themselves as their children, with just 16 per cent allocating more money to their own interests.

The average spend per month per child came to £124, but 36 per cent said this was more than they could afford causing them to struggle with family finances.