Kids 'Will Withdraw From Bank Of Mum And Dad For Holidays'

We all enjoy our time off but we often do not expect to pay for a break we will not be going on. It seems the country's children are still relying on their parents to fund their lifestyle including holidays.

Teenagers looking to head abroad for their holiday this year will do so in the knowledge that their parents will back them up financially if they need it, it has been claimed. According to Lloyds TSB, a quarter of those going away will be doing this. With more than a third of parents fully aware that their child is not skilled with money. Despite concerns over spending and security, more than eight out of ten young holidaymakers intend to take cash as their main mode of currency.

This may mean that those heading on holiday find that their mum and dad will cover spending money and health costs if they have not picked up suitable travel insurance. A spokesman for the company added that mums and dads should look to educate their offspring on the matter.

"One way to help with budgeting is not to send them away with too much cash which is a temptation," he said.

This could be in the form of a prepaid credit card. This gives children the freedom to spend without the hassle of carrying cash. The card can be topped up over the phone and if bought at the right time when the exchange rate is favourable they could be getting more for their money.

However, it is important to do your research before buying a pre paid card as many carry charges for various options. For example there may be a charge every time the card is topped up or if cash is withdrawn from an ATM. Also make sure your child has comprehensive travel insurance or you could be out of pocket for much more than a few rounds of drinks.

If you would like to know more about money why not ask AnswerBank Business and Finance.