Around one in five parents borrow money from savings they have put aside for their children in the future, it has been revealed. A survey recently conducted of 3,000 parents revealed that 44% borrow between 200 and 500, with some never paying back that money. 27% of those who borrow money from their childrens savings have admitted to feeling sad that they have let their financial situation get to the point where they have to raid savings.

There is another alternative to raiding piggy banks and that is by taking debt management help with a specialist. There are alternatives such as a debt management plan or an IVA depending on the amount of debt that is owed.

Debt management plans and IVAs allow you to reach an agreement to repay what you owe over a period of time and your debt management team will be able to help you set up the plan. Debt advice is a far more suitable option to repaying debts and getting back on top of your finances than turning to borrowing your childs savings. With debt management or an IVA and careful management of money in the future, you may be able to clear your debts and not to fee shame of raiding the piggy bank.