PEOPLE in East Lancashire are becoming so crippled by debt that over a quarter of parents borrow from their young children's savings every year.

Local financial advisers fear this trend may be as a result of increasing debt.

Independent adviser Doug Parker, of Clitheroe, said: "People may have to resort to borrowing from their kids' savings for a number of reasons.

"These might include council tax rises, increased interest rates, and of course, credit card debt.

"Most of my business involves mortgages and many people come to me to re-mortgage their property in order to consolidate other debts.

"I have seen examples where people have got so much debt that I wonder how on earth they have been able to borrow so much."

Malcolm White of Financial Integrity, Clitheroe, said: "There needs to be more legislation to stop unscrupulous finance companies luring people into debt.

The survey was carried out by Tate and Lyle Syrup to mark the launch of a special edition tin that doubles as a money box.