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01 August 2007
While many may openly crave independence from the family home, it has been reported that a number of British teenagers will rely on their parents for money when their funds run out abroad.According to a survey from Lloyds TSB, a quarter of British teenagers will ring home to ask their parents for cash if they are left high and dry overseas.
Furthermore, 37 per cent of parents worry about the security of their child's money when they are out of the country, while 38 per cent fret that their children aren't capable of setting a budget.
Philip Robinson, head of debit cards and travel services at the firm, said: "Parents are understandably nervous about picking up the bill for their children's fortnightly holiday excesses."
He advised parents to not give their kids too much hard cash when going abroad and recommended the use of a pre-pay travel money card to aid holiday budgeting.
Last summer, the Post Office reported that 3.8 per cent of holiday insurance claims made by families relate to missing money and documents.
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