Impulse gift buying could impact loan costs

Parents are spending hundreds of pounds buying impulse gifts to make up for lost time with their children, new figures reveal.

According to a study by Skipton Building Society, a quarter of families with children under the age of ten spend £1,200 over the course of a year on the likes of toys, computer games and sweets.

Meanwhile, ten per cent of families spend at least £2,400, a figure which could impact on consumers’ personal loan repayments.

Head of media relations Jennifer Holloway said: "For any parent, doing the best for their child often comes at a cost - either in time or money. For those who can’t afford the former, the latter can often seem like the best way to pay penance."

"However, mothers and fathers should consider whether spending cash on gifts and treats - sometimes thousands of pounds - is the best course of action," she added.

Long working hours were attributed to many parents spending time away from their children.

Findings by the Alliance Trust Research Centre revealed families are the heaviest hit by inflation, with increased spending on food and utility bills putting pressure on money management and secured personal loan repayments.

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