The new regulation states that where a loan is for basic needs, like accommodation or electricity, moneylenders must inform the consumer that a moneylending loan may not be in their best interest and provide contact information for the Money Advice and Budgeting Service (MABS).

Some 90 per cent of parents funded the special day with savings. However, 5 per cent took out loans.

Parents are more concerned about the cost of sending their children to school than the possibility that they might be bullied.