Survey: Parents Borrow Money From Their Kids

Survey: Parents Borrow Money From Their Kids

According to a survey conducted in the UK, more than twenty percent of parents have been forced to raid their children's savings accounts.

How hard has the financial crisis hit your family? For some, their financial situations have become so dire that they end up raiding their kids' savings.

According to a survey conducted in the UK, more than twenty percent of parents have been forced to raid their children's savings accounts, and almost half of them borrow from around S$450 to more than a thousand.

Parents usually used the money they got from their kids for paying bills, house and car repairs, and family holidays. About a third of the parents felt guilty about getting their kids' money but more than eighty percent said that they see it as just a loan and they intend to repay their kids.

What about you? How bad has the recent recession affected your family? Have you been forced to borrow money from your kids lately? Do you think it's okay for parents to raid their kids' savings accounts?

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Written by

Karen Mira

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