It costs on average of €967 to send a child back to primary school and €1,474 for secondary school, with more than one in 10 parents cutting food bills in order to cover the costs.

Credit unions have more than €8bn in surplus funds which could be used to help address the social housing emergency, but have been prevented from doing so by the State, it was claimed yesterday.

More than 80% of credit union applications, seeking the removal of lending restrictions reviewed by the Central Bank, have to date been approved as the sector battles for greater freedom to lift lending levels from a 15-year low.

Hard-pressed families will be forced to borrow hundreds of euros and put off paying other bills to pay for books, uniforms, and other items to send their children back to school.

Teenagers get an average of €13 pocket money a week, with nearly a fifth getting more from their parents than they did a year ago.

The organisation representing credit unions has confirmed it is considering making mortgage loans available to its members.

Despite one in three people believing they are better off in the run-up to this Christmas than last, more than half will still have to borrow money to cover their festive spending.

Almost one in seven adults have no disposable income left at the end of the month according to the latest What’s Left? survey from the Irish League of Credit Unions.

The value of credit union loans in arrears fell by almost a fifth in the last 12 months as the financial position of many lenders and borrowers begins to show signs of improvement.