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Almost HALF of parents admit to taking money from their chil
USINFO | 2013-05-24 10:29
Nearly half of U.S. parents - 49per cent - have admitted that they have taken money from their children's savings accounts, and 51per cent said they did not even feel guilty about it.
A study conducted by money-saving website CouponCodes4u polled 2,578 parents across the country to determine whether they had been in financial situations so desperate that it warranted borrowing from a child's funds.
Of those who confessed they had dipped into their children's accounts, 36per cent said they needed the funds to pay bills, while 12per cent admitted they put the money towards a family vacation.
29per cent said they used the funds to clear debt, and 18per cent said they spent it on birthday presents and other items for various celebrations.
Of the parents polled, 34per cent said they might dip into their kid's piggy bank, but it would depend on the situation, with most saying they would only use the money if it was needed for health-related bills.
Not all parents think that it's alright to borrow from a child, however.
17per cent said that they had never taken money from their child, either because they didn't want to endanger his or her future, or because they knew they would feel guilty about it.
Nevertheless, the majority (51per cent) of those who had indeed stolen money from their child did not feel guilty about their act.
Mark Pearson, chairman of CouponCodes4u, said of the findings: '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.
'You should think about what you need to use the funds for and why.'
The study also revealed that while over a third of families have started saving accounts for their children, nearly half - 46per cent - said they had not.
'Taking money out of your child's account means that you are jeopardizing their future'
A further 15per cent said they were 'planning' on starting one.
When asked how often they contributed to their child's account, just over a quarter said 'monthly', while 46per cent said they put money in 'whenever they could'.
Five per cent could only afford to contribute 'rarely' to their child's savings account.
The fact that so few parents actually set up accounts for their offspring indicates that the recession is still affecting families, says Mr Pearson.
'Many parents were not only unable to contribute funds but also used these funds to pay for various bills and purchases,' he said. 'Meaning many families are still struggling to cover rising costs.'
This was further indicated by the fact that most of those who admitted to stealing from their child - 45per cent - also said they had not been able to personally replace the funds because they could not afford to.
A study conducted by money-saving website CouponCodes4u polled 2,578 parents across the country to determine whether they had been in financial situations so desperate that it warranted borrowing from a child's funds.
Of those who confessed they had dipped into their children's accounts, 36per cent said they needed the funds to pay bills, while 12per cent admitted they put the money towards a family vacation.
29per cent said they used the funds to clear debt, and 18per cent said they spent it on birthday presents and other items for various celebrations.
Of the parents polled, 34per cent said they might dip into their kid's piggy bank, but it would depend on the situation, with most saying they would only use the money if it was needed for health-related bills.
Not all parents think that it's alright to borrow from a child, however.
17per cent said that they had never taken money from their child, either because they didn't want to endanger his or her future, or because they knew they would feel guilty about it.
Nevertheless, the majority (51per cent) of those who had indeed stolen money from their child did not feel guilty about their act.
Mark Pearson, chairman of CouponCodes4u, said of the findings: '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.
'You should think about what you need to use the funds for and why.'
The study also revealed that while over a third of families have started saving accounts for their children, nearly half - 46per cent - said they had not.
'Taking money out of your child's account means that you are jeopardizing their future'
A further 15per cent said they were 'planning' on starting one.
When asked how often they contributed to their child's account, just over a quarter said 'monthly', while 46per cent said they put money in 'whenever they could'.
Five per cent could only afford to contribute 'rarely' to their child's savings account.
The fact that so few parents actually set up accounts for their offspring indicates that the recession is still affecting families, says Mr Pearson.
'Many parents were not only unable to contribute funds but also used these funds to pay for various bills and purchases,' he said. 'Meaning many families are still struggling to cover rising costs.'
This was further indicated by the fact that most of those who admitted to stealing from their child - 45per cent - also said they had not been able to personally replace the funds because they could not afford to.
