Hey, kids, can you spare a dime?
Kids, if those piggy banks feel a little lighter these days, thank Mom and Dad.
Parents are dipping into their children’s savings accounts to pay household expenses, according to a recent survey by ING Direct.
The survey of 2,123 adults found that nearly 20 percent of parents who had set aside money for their children have tapped those accounts to pay bills or other debt. About one in three cut back on their contributions to children’s savings.
So fess up. Have you been using money intended for children to keep the household going in this recession?
And, if the family budget is stretched, is it really so bad to use this money?
(Photo: woordenaar/Flickr)
Comments
Hey, drastic times call for drastic measures, you expect Barrack and Michelle to NOT have their date nights? He's the president, we have a moral obligation to give millions of our money so they can be happy..
At least, that's what those who voted for him must have thought.
Posted by: Bob | June 9, 2009 10:39 AM
Absolutely not. Both of my kids deposited all birthday money into their savings accounts AND recieved a bonus from the credit union for depositing more than $35 from their birthday's. We reguarly empty their piggy banks and THEY put it through the coin counters at the credit union and deposit it. We opened savings accounts for them at birth and would not take moeny from it.
Teach your kids good savings practices so they don't get into the trouble we're seeing now when they are adults. Even if they are only depositing $2, it teaches them the value of saving!
Taking money from their accounts is not setting a good example! It's essentially stealing folks.
Posted by: Holly | June 15, 2009 3:44 PM