Parents Raid Piggy Banks for Cash

Published on 1 January 1970 by Raffick Marday

Cash strapped parents admit to raiding their children’s piggy banks when they are short, research reveals.

While 78 percent of parents are trying to save for their children’s future, 57 percent admit to not thinking twice about raiding their piggy banks when they need a little extra cash, Clydesdale and Yorkshire Banks showed.

The study also revealed mums are more to blame than dads, with 43 percent of mothers admitting to the offence compared to 23 percent of fathers.

However, while these parents raid their children’s funds, the majority do replace the money at a later date, with only three percent of respondents saying they do not pay the money back.

“It is encouraging that so many parents are not only saving for their children’s future, but also teaching kids about the importance of saving and working for their money from a young age,” said Steve Reid, Clydesdale Bank, retail director.

“A third of parents opening a bank account for their children while still at primary school is a fantastic way to improve financial education and instil the importance of saving in children from an early age.”

More than one in ten borrowed money from their kids because they were broke, while the majority (38 percent) borrowed money because they needed change.

A further 33 percent borrowed money from their children because they didn’t have any with them at the time they needed it.

While 53 percent of parents are saving money for their children’s general use, more people are saving (10 percent) for their child’s first car as opposed to their first property (eight percent).

After general use, most people are saving for their children’s education (29 percent), and five percent are putting money aside for their wedding.

The value of money is also an important lesson many parents are keen on teaching their little ones – 53 percent teach their kids to save with a piggy bank, 33 percent opt to open a bank account, while 50 percent encourage their children to earn money by doing chores around the house.

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