A new Bankwest survey has revealed the lengths some parents will go to in order to make ends meet, with many resorting to raiding their kid’s piggy bank to pay for simple items like a loaf of bread.
Bankwest’s latest Social Indicator Series Survey, Raiding the Piggy Bank found that 28 percent of parents admitted to taking money from their kid’s stash, but the vast majority of them pay it back.
Commenting on the findings, Bankwest CEO (Retail) Ian Corfield said that the economic downturn had stung many people and that parents were resorting to drastic measures to obtain money.
“We found the most common reason for raiding the piggy bank is to cover household bills, groceries and tuckshop money,” he said.
He also noted that on the more unusual end of the scale, some parents were using their kids’ savings to pay for a night out on the town, pay off a credit card, or buy a new air conditioner.
Despite this, BankWest said Australian parents tried to teach their children to respect money, with 54 percent of kids indicating they received pocket money, 51 percent had a savings goal, and 64 percent saved in a bank account.
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