Parents ‘Under Pressure To Keep Up With Childrens’ Demands’
The demands of children could be placing parents under financial pressure, new research suggests.
In a study carried out by Engage Mutual, it was revealed that about half (49 per cent) of mums and dads with kids under the age of 18 have bought a gift after their offspring has moaned about wanting something. However, to meet such demands over the last 12 months an estimated 68 per cent of adults have had to make a financial sacrifice. One in two report that they would forego getting luxury items for themselves to get gifts for their children, with 21 per cent going without a holiday. Some 29 per cent state they are prepared to work longer hours. It was also suggested that those from poorer backgrounds will make bigger sacrifices to provide for their loved ones, with 33 per cent of parents on low incomes stating they would buy cheaper food in a bid to save money for their children’s gift.
Among the products requested were DVDs, branded items of clothing, games consoles and make-up. The study also indicated that consumers with children between the ages of 12 and 17 are most likely to give their sons and daughters what they want. Among young people within this age demographic, a mobile phone was the most requested item with just under a third (30 per cent) wanting this product.
Meanwhile, monetary strains could be even more pronounced for the one in ten parents who have been coerced into getting a computer or laptop for their children. An estimated 16 per cent have shelled out to get their son or daughter a mobile phone.
Due to pressures from their children to buy expensive gifts, it is possible that such spending will impact upon many parents’ ability to service other demands on their finances, such as utility bills, personal loans and grocery costs.
Commenting on the data, Karl Elliott, spokesperson for Engage Mutual, said: “With kids being spoilt for choice for toys, technology and games, many feel pressure from their peers to keep up with the latest gadgets and labels. In modern Britain, parents often find themselves caught up in a balance between giving their kids what they want and finding the money to pay. The research gives a new perspective into family finance with some children ‘wearing the trousers’ when it comes to family spending.”
He went on to report that given the current state of the financial markets, “it is likely that more parents will find it harder to make ends meet this year”. As such he stated that mums and dads should look to “strike a balance” between treating their children and saving money for the future. By putting away for later, Mr Elliott claimed that people may able to “afford the bigger items in the future”.
For a competitive way to fund the purchase of an extravagant gift for a child, a cheap loan may prove to be effective. In taking out a loan, borrowers may find that they are able to meet the cost of purchasing an item - whether it is a Nintendo Wii, the latest mobile phone or a laptop - quickly and effectively. Such a loan could also help to those looking to supplement spending on the high street, after a recent swiftcover study revealed that two-thirds of Britons have impulse bought on at least three occasions in 2007.
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