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Having children has made some parents wary of debt problems

Having children has made some parents wary of debt problems

- Wednesday, 16 March 2011

Having children has encouraged the majority of parents to take better care of their finances, which could mean they sought debt advice to help sort their money issues.

According to a new survey by Triodos, 44 per cent of parents have said that having children have made them sort out their finances and another 29 per cent state that it has made them mind their manners.

It was also found that 79 per cent of UK adults want to pass on their financial knowledge to their children, which could help them avoid debt problems in the future.

A further 33 per cent are keen to encourage their youngsters to put their savings and investments to good use.

Huw Davis, head of personal banking at the firm, said: "Having kids is the biggest prompt many people have to put their principles into action.

"Naturally parents are keen to pass on the values they believe in to their children, combining more modern priorities such as recycling and greener living with the timeless principles of sound money sense and good manner."

A recent report by Aviva found that five per cent of parents end up with debt problems through borrowing money for their children.

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