Poll: Parents dip into children's savings, piggy banks

A SURVEY has revealed that 49 percent of parents have dipped into their children's savings accounts or piggy banks when times got tough.

Of those people, half said they did not feel guilty about doing so.

Thirty-six percent said they they needed the funds to pay bills, 12 percent claimed they put the money towards a family vacation, 29 percent said they used the funds to clear debt while 18 percent spent it on birthday presents and other festive items.

Of those who committed piggy-bank robbery, 45 percent could not afford to pay the money back.

A further 34 percent admitted they would seriously consider embezzling their child's savings if they needed to pay for a medical emergency.

Just 15 percent said they would never do it, citing fears of endangering their child's future and not wanting to feel guilty.

The survey was carried out by US-based CouponCodes4u, which polled more than 2,500 parents.

Read the full story at Kidspot