Children are bearing the brunt of debt

8 May 2014

Children are living on the breadline, with 1.4million households currently struggling with ‘problem debt’ says debt charity StepChange.

victorian style chimney sweep, a child chimney sweep,  hulton pi

But that’s not all – theur survey has found that almost 3 million families with young children are also on the brink of sliding into unmanageable debt.

StepChange and the Children’s Society said that many families are in an ‘extremely precarious financial position', taking out loans to pay for necessities like rent, food and clothing. And, obviously, they’ve also found that the effects of debt are passed on to children, with arguments at home causing emotional distress.

In their survey, they found that 1 in 5 families have some form of ‘problem’ debt, and that on average, affected households owe £3437.

And there are far reaching effects for children of families in debt. Bullying and peer pressure can lead to anxiety and depression, with more than half of 10-17 year olds saying they felt ‘embarrassed’ that their parents didn’t have any money.

Matthew Reed, Children's Society chief executive, said: ‘Families are increasingly relying on debt as a way to make ends meet - but we're in danger of ignoring the impact this is having on children now and in the future. We cannot allow children to pay the price of debt.’

But while this is a serious problem, we COULD make them get jobs rather than sitting around all day bleeding us dry. After all, a spell under a loom or up a chimney might do ‘em some good.

And after they’ve worked for a bit, they can afford that new iPhone - sometime in 2026.

TOPICS:   Banking   Investments   Debt   Home   Loans

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