Parents Taking from Kids’ Piggy Banks
In world news, an Australian study revealed that 25% of parents are taking money from their kids’ piggy banks on a regular basis. The goods bought with these withdrawals have ranged from everyday necessities like gas and groceries to outrageous purchases like automobiles. Also needed among these parents is money to pay for utility bills. 36 percent of moms admited to the “borrowing” act compared to 16% percent of dads. Of particular surprise is that roughly 90% of these parents believe they are setting a positive example for their children. Even Paul Vivian, Bankwest’s head of retail deposits, told Reuters [news source, see reuters.com] that he was guilty of the “crime” — though his wife always makes sure he puts it back with interest. He also mentioned that kids’ piggy banks are always the one place that could be relied on when you can’t find any money. Finance writer Gay Curtis is convinced parents that take from their children’s piggy banks are sending them the wrong message: “If parents aren’t going to teach them budgeting, saving and goal-setting skills, who is?” See The Age for more.
