Almost a third of all parents have cut back on the amount of money they are giving their children as a result of the rising cost of living.
Soaring household bills have meant that the fabled ‘bank of mum and dad’ has had to reign in its lending.
A survey of 3,000 adults by The Co-operative Bank found that three in ten parents are able to give less money to their children than they were a year ago.
With inflation running at 4.5 per cent, household budgets are stretching less far than they were and parents are having to prioritise where their money goes. For example, the cost of filling the average family car with petrol has increased by more than £300 in the last year alone.