New Survey Reveals Half of Parents Use Children’s Savings To Cover Own Expenses

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Broken Piggy BankA new survey of United States parents reveals that almost half of the nation’s moms and dads admit to looting their own children’s savings accounts to take care of their personal finances.

Of the parents that admitted to taking money out of their children’s accounts, 29 percent of respondents in the CouponCodes4U poll said the cash was needed to pay off debts, while another 18 percent said they needed the money to purchase birthday gifts or other celebratory items.

According to the survey, half of thieving parents said they hardly felt guilty about fishing into their kids’ funds.

Even among parents that said they have not dipped into the savings of their kids, about 34 percent of survey-takers said that they would consider doing so, with most stating they would only do so in order to cover medical bills. Seventeen percent of respondents said they have never “stolen” money from their kids, because they felt guilt or worried that the decision may “endanger” the child’s future.

 

“You should think about what you need to use the funds for and why,” CouponCodes4U Chairman Mark Pearson is quoted by The Daily Mail. “Taking money out of your child’s account means that you are jeopardizing their future and leaving both yourself and your child in financial difficulty.”

Additionally, the survey revealed that only a third of respondents had started savings accounts for their kids; 46 percent of parents that said they have not began saving up money for their children’s futures, while 15 percent said they had “plans” on starting one.

A little over a quarter of respondents said that they made monthly contributions to their children’s accounts, while 46 percent of survey-takers stated that put money into the savings funds “whenever they could.” About 5 percent of respondents said they “rarely” added funds to their kids’ accounts.

“Many parents were not only unable to contribute funds but also used these funds to pay for various bills and purchases,” Pearson is quoted. “Meaning many families are still struggling to cover rising costs.”

Photo by 401(K) 2013 | Flickr.com