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How Much Are Parents Taking From Their Kid's Piggy Banks?

May 31, 2017

Did you have a piggy bank as a kid? I know I did, but I was never really good about saving much money because I always wanted a new Barbie doll or some sort of toy at the store. 

Even though physical cash isn't the most popular method for exchanging money for items or services, some people still carry it around. And apparently, kids are still getting cash and stashing it away in their piggy banks. 

There's no judgment here, but have you ever taken out a loan from your kid's money stash? You aren't alone and shouldn't feel guilty. In fact, there's a study that was done about just how much most parents take a year from the good old piggy bank. 60% of parents polled admit to dipping into their kid's savings. 

And how much do you think they're taking on average a year? Any guesses?

It amounts to about $60 a year. And 35% of parents aren't putting back the cash they took out. 

I just want to know what kind of allowances these kids are getting that their parents can take $60 a year out and not even notice the missing cash. Boy, times have changed, that's for sure!