Tuesday 18th of August 2009
Parents risk getting into debt in order to cover the costs of their children’s education, a new survey has revealed.
The study by Save the Children and Family Action showed that over half of mums and dads with an income of less than £30,000 cannot afford to buy everything their youngsters will need for the new school year.
When other financial commitments such as credit card and loan repayments get in the way of paying for a new uniform and PE kit, a debt management plan could reduce the interest on such unsecured debt, potentially freeing up cash to put towards education.
According to the poll, 26 per cent of parents will not be able to pay for a full PE kit. For those with an income of under £12,000, over a quarter admit they will have to borrow money.
"Parents should not have to risk getting into debt or leaving their children without such basic essentials," said Eleri Thomas, Save the Children’s director in Wales.
Rather than take out more credit to pay for school, households could participate in a debt management plan, which may help parents work within a budget to ensure they never need to fall into the red to cover expenses.
By Kimberley Parsons
