Today the DailyMail reported that nearly HALF of U.S parents have admitted to taking money from their child’s savings to help pay bills and even family vacations.
The study which was done by money saving website CouponCodes4u found that12per cent admitted they put the extra money towards a family vacation, 29per cent said they used it for paying bills and debt and 18 per cent spent it on birthday presents and other celebrations, do you think it is acceptable to take some of your child’s savings to help pay for a vacation? or do you think it should only be used if you really have to?
However not all parents think that taking money from their child’s piggy bank is alright as 17per cent said they have never taking any money as they wouldn’t want to jeopardize their future and they would simply feel guilty… Would you?
With financial hardships running high throughout the country will this be something parents in the UK will start doing? and would you judge them if they did?
As work hours are getting longer and money getting tighter families are struggling to keep up with bills, could this be one of the reasons for taking your child’s money and can you relate as times are getting harder?
The study also showed that 45per cent who “stole” from their child’s savings said they had not been able to replace the funds as they could not afford to and only a third of families had started a savings account for their children.
Do you think it’s alright to take money from your child’s savings to pay bills? Have you started a child’s savings account? We would love to hear your thought on the subject. Comment using our comments box below: