- Wednesday, 9 December 2009More than three-quarters of British parents admit that they will spend more than they can afford this Christmas in order to keep their children entertained.
That is according to Egg, which reveals that 77 per cent of mums and dads will overspend for the sake of their child's happiness.
Overspending during what is already an expensive time of year – as well as being in the midst of a recession – could result in an increased number of people entering into individual voluntary agreements (
IVAs) in order to avoid bankruptcy.
Vanessa Wood, spokesperson for Egg, advised people to be careful with their money during the festive season.
She said: "Christmas is the most expensive time of the year for a lot of families but being smart about how you spend money can really help spread the cost of Christmas."
In total, the average family will spend £540 during the peak two week period just keeping their kids content.
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