A survey conducted by Newspoll revealed that one out of four parents beg, borrow or steal but yes, take money out of their kids’ piggy banks. Topping the list were mothers who confessed that they digged into their kids’ piggy banks and bank accounts in comparison to 16% fathers who did the same.
The purpose which parents use this money includes paying for everyday essentials such as petrol, milk and bread apart from paying the electricity and water bills. Not just this, a good 16% also revealed that they used this money for luxury trips and new cars as well.
Parents thought that the act was harmless, but money author Gay Curtis believes that it leaves a wrong impression on kids on the importance of budget.
Doing this, they are simply showing their kids that they are not good enough to manage their expenses and depend upon what the kids save to satisfy their whims and fancies.
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One in four parents borrows from kids' piggy banks
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