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Payday Loans News When University Children Come Home For The Holidays Parents Pay

by Jim ONeil on December 28, 2010

in Payday Loans News

According to recent report issued by The Money Shop, parents with children attending UK universities are placed under extra financial pressure when children return home for the Christmas break. Christmas is expensive enough, costing an average of £862 per person. The extra burden parents face to support their children’s Christmas break spending is not something most of them enjoy.

Though parents may have established a Christmas season budget, it may not include drinking money, new clothing, or taxi fares for their party-age children. According to The Money Shop, young people now more often expect financial support, adding guilt for parents who refuse to spend the extra money. Over three quarters of the parents surveyed said they receive a request for cash from their children each academic term.

Fifteen percent of those parents receive ten or more requests per term and overall, 44 percent have acquiesced. They do so even if they know it financially compromises them, mainly due to guilt. Sixty percent of the parents surveyed reported being worried about financial pressures faced due to children continuing their education. Should they not assist their children financially, 21 percent of them face their child’s protests.

Every time students ask their parents for money, one in ten request a maximum of £500. Parents cut back and do not purchase the latest technologies, while their university-going children have all of the cutting-edge gadgets. Parents go so far as sacrificing car ownership themselves to provide a vehicle to their university children.

Payday loans enable these financially strapped parents to have fast access to cash in such situations, said The Money Shop Marketing Director Andrew Bryan. These provide short-term solutions to cash flow issues, eliminating the need for parents to get into deep financial troubles. These will only become more attractive, as university fees are scheduled to increase.

Pauline Dixon

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