Two thirds of children don`t repay debt to `Bank of Mum and Dad`

Research by website MyVoucherCodes indicates that two thirds of children never repay the money they borrow from the `Bank of Mum and Dad`, The Telegraph reports.

The majority of parents lend their children (12-to-18-year-olds) at least £10 a week on top of pocket money, but only 22% said their children repay them. In fact, 65% said their children never repay this debt, while 11% said that the money was rarely returned.

The survey of almost 1,400 parents also found that 19% lend their child £20 a week and 16% said they don`t lend any money to their children at all.

Mark Pearson, spokesperson for the website, said: "It is always a good idea for parents to encourage their children to pay back the additional money they borrow, especially if the child is over the age of 16. Although it may seem harsh, it is a good life lesson, as freebies won`t be dished out once they leave home."