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Have you ever raided your child's piggybank?
Published 5 June 2013 by Helen Gradwell
Our new research shows that we're a nation of piggybank raiding parents. We found that almost half (45%) of parents have dipped into their child's savings when they're short of cash.
We've all been there. You need a bit of change for the bus, the window cleaner or something else, but you don't have enough money on you. Guiltily, you sneak into your child's room and raid their piggybank.
Or it would seem, at least, that around half of us have been there. Here at thinkmoney we did some research, and found that 45% of parents with kids who have piggybanks have dipped their trotters into their child's savings at some point. The average amount they take is £8.25, but 15% take over £20.
Most of these piggybank raiding parents don't 'hog' what they've taken, but 20% admit that they don't always pay their children back.
Who's dipping into the 'Bank of Pig'?
Kids, if your parents say they've never dipped into your piggybank, they might be telling porkies! Mum is slightly more likely to raid your savings than Dad - as 47% of women saying they plundered their child's piggybank compared with 44% of men. However, Mum is a lot more likely to pay back what she takes. A quarter of men who raided their child's savings said they didn't always pay it back, compared with only 16% of women.
Younger parents (18-24) are more likely to take money from their children's piggybanks. 58% of them admit to doing this. Parents aged over 55 are least likely to do this, as only 3% of them said they had.
How to avoid having to plunder piggybanks
So kids, if you don't want your parents raiding your savings, you might want to booby-trap your piggy bank.
Alternatively, parents could manage their money a bit better so they're not left in the lurch when they need a bit of change. We suggest they:
- Get a piggybank of their own! If they throw a bit of spare change in there every day they'll be able to dip into it if they meet any unexpected expenses
- Budget in advance for regular expenses to make sure they get paid on time
- Have at least some of their savings in an easy-access account so they money is on hand if they need it
- Are honest if they ever do have to take money from your piggybank - and pay you back as soon as they can
Family finances can get a bit hectic. If you need help with your budgeting - or you just want somebody else to do it for you - consider the thinkmoney Managed Current Account. It comes with a built-in Money Manager service, where a real person makes sure that your finances run smoothly every month. They'll make sure enough of your income is put aside each month for important stuff like bills - then move the rest to a separate account where you can spend it as you wish.
Quick and easy to apply
Apply for a thinkmoney Managed Current Account today.