Scottish Parents Adding to Debt Problems by ‘Caving in to Kids’ Demands’
November 21, 2018
Large numbers of parents across Scotland are using borrowed money to make purchases demanded of them by their children.
That’s according to new research which suggests that around 36 per cent of parents in Scotland have added to their debts after succumbing to what’s being referred to as ‘pester power’.
Around a third of parents around the country say that pester power regularly gets the better of them and almost four in 10 admit that saying ‘no’ to their children leaves them feeling guilty.
For a lot of people, giving in to the demands of children for snacks, for computer games or even for big ticket items like games consoles doesn’t badly affect their finances but for others the same cannot be said.
The Money Advice Service (MAS), the organisation behind the latest research looking at this subject, is encouraging parents in Scotland and across the UK to look at any ‘pestering’ from their children as a chance to talk about basic ideas of financial management.
The government-backed organisation behind the research has also sought to emphasise to parents that it is “perfectly okay” to explain to children that they can’t always have what they want.
“Just make sure you explain why – take this as an opportunity to teach them that we have money for certain items, but not always for sweets or toys,” advises Sarah Porretta, UK financial capability director at MAS.
“Although a child pestering may seem harmless, our research suggests that many parents in Scotland are struggling to cope,” Ms Porretta added.
“Some are even dipping into their overdrafts and using credit to pay for this expense, which is worrying.”
MAS is particularly keen to encourage parents in Scotland and elsewhere to think carefully about how they communicate with their children about money in the weeks running up to Christmas, which is generally the busiest time of year when it comes to kids deploying ‘pester power’.
If you live anywhere in Scotland and you’re struggling to cope with your debt problems then Scotland Debt Solutions can help. Contact us directly to arrange a FREE and confidential consultation.