Parents cut back on Christmas spending
Forty per cent of parents are planning to spend less this Christmas to avoid debt problems.
A survey by the Financial Services Authority (FSA) found that half of families have no "financial air-bag" to protect them in the event of a change of circumstance, such as job loss or divorce.
Sixteen per cent of parents said they struggled with money over the last year. Three per cent, meanwhile said that they needed to reorganise debt repayments because their finances were in such disarray.
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