Do you give £12,000 to each child?

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With banks tightening up on lending in all sectors, including the unsecured loan sector, it is only natural that parents will feel it is their duty to help out their children by offering them interest free loans or even cash gifts.

A lot of cash coming from parents is to aid house purchases, but in a lot of cases, it is to consolidate existing debts.

Do you give £12,000 to each child?

Scottish Widows said that adult children were sapping their parents and grandparents of large amounts of money, forcing them to cut back on daily spending and to take on more debt.
“When times are as tough as they currently are, this is the last extra burden parents need,” said Gordon Greig, head of Savings and Investments at Scottish Widows.