More than 35 per cent of Irish parents depend on children’s allowance benefit as an additional source of income.
New research has revealed that 40 per cent of families who receive allowance use it to pay for their children’s extra curricular activities, education and hobbies.
Ten per cent use their benefit to pay off debts and 15 per cent put it into a savings account for their child.
A spokesperson for Smartquotes.ie who conducted the study said: “Budget 2013 has the children’s allowance in its sights.
A large percentage of Irish parents rely on children’s allowance benefits
“This is a vital source of income for many families with more than one in three using it as an additional source of family income and 10% using it to pay off debts.
“There are options however for households under pressure to reduce costs.
“They could save up to €492 by switching their Mortgage Life Insurance policies due to a more competitive marketplace.
“It is a simple process and will ease the pressure on homeowners as the latest budget cuts start to bite.”
Do you rely on children’s allowance to keep afloat?
