Parents take out credit, loans or debt for living expenses

Simple day-to-day spending on their children has forced parents to look at other ways of increasing their incomes.

A 41 per cent of UK parents have ended up taking out credit or borrowing from friends just to make ends meet.

Some 15 per cent had to get a credit card, whilst 10 per cent took on a loan.

Despite budgeting, 18 per cent used their savings while 8 per cent had to go into debt to fork out for unexpected costs they weren’t expectin.

The findings from VoucherCodes.co.uk, also found that it was the rising cost of utility bills and food which were the biggest cost concerns for parents.