Homes, children and money

A couple of short news items illustrate how the state of the nation’s economic health affects some of us.

More than one in four mortgage holders (26%) say that a drop of up to £300 in their monthly income would mean they couldn’t meet their mortgage repayments. A Callcredit Information Group survey revealed almost one in ten adults (9%) overestimated their income when applying for credit, rising to 13% of those aged 35 – 44 years.

29% of parents say they talk to their children about money more because of the recession. Research commissioned by HSBC and the Personal Finance Education Group (pfeg) shows that children have been strongly impacted by the recession, with a quarter having reduced their own spending as a result. Over a third (34%) see their mobile phone as a necessity, whilst iPods, trips out and new clothes are seen as luxuries.

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