MONEY MORAL DILEMMA: Should Darth take money from his kids accounts?

Lizzie_Jane_2

If Darth Is Has No Mental Health Issues Which Need To Be Addressed (some Bi-polar Disorders Prompt Folk To Unjustifiable Extravagance) And If He Was Acting In Good Faith Towards The Family When He Incurred This Debt (not Squandered Money Feeding Some Harmful Habbit, E.g. Illegal Drugs, Alcohol Abuse, Gambling Etc), I Think A Little Compassion Is Called For During His Time Of Financial Hardship. In My View, That Would Include Judicious Use Of The Children's Money With A Firm Commitment To Replace It As Soon As Possible.

gelato_cat

I don't see the problem with this, but he should pay back whatever he takes out.

Looking at it from a general point of view, plenty of parents save money in kids' accounts to save on the tax and take advantage of higher interest rates anyway - so in many cases the money still belongs to the parents. Plus, as the original question said, the money's made up of gifts. I don't think it would be right to take the money if the kids had earned it, but they've accrued £1k that they didn't work for so this only reinforces my view that it should be used to put food on the table if needs be.

Suze

greekray

Darth. seems a good father, to hold the family together he should borrow from the children on the promise to himself, to return the monies to the children in happier times.
Ray

emily_jackson

i don't think he should spend the kid's money unless he is really desperate and they are going to go without something essential like food. he should try to sort his debts out by going to the citizens advice bureau.

Lulabell_2

No I wouldn't do it, if he's that much in debt then what difference is it going to make?...& what's the chances of being able to pay it back in the near future-unlikely!

Melusine

If you apply for means tested benefits, the Government takes your children's savings into account when assessing your eligibility. They expect you to use that money before they hand out any cash to you.

liquidswords

Some of the responses here seem a little silly, in poorer countries the kids would be working to pay to put food on the table, not because their parents want them to, but because it simply has to be done. How would it make any sense to come close to poverty when there's money stashed away which isn't being used? If the money has come from you then you can easily give it back, if not then you couldn't afford to give it away in the first place. If the money has come from other sources e.g. relatives - why are they giving your children money when you are so poor yourself? Ask them if you can take it.

Econo-miser

This is my first post, and found this an interesting thread, as I have always tried to encourage my children to save and they have substantial savings, which I have (hopefully) managed for them to get the best rates of interest etc.

I think the important issue in this case is that Darth is not managing his own money very well and it is risky to use his children's money if he has no guarantee of replacing it quickly. Children's savings shouldn't be too easily accessible either by them or their parents. The only exception would be if the children are actively saving to buy something, in which case they should be allowed to withdraw their money when they reach their goal - it teaches them to plan ahead and stops this "have it now" mindset so many children have now.

Oh dear - I do sound like an old miser don't I?

smudger1946

No contest, as much as i would dislike having to do it, i would treat it as a loan.
Replace it as and when able.
It's only money, peace of mind is more valuable.

trundlecat

If it's borrow from the kids or have to take a high interest loan then he should borrow from the kids. I'm guessing we've all been in situations of wondering how the heck we're going to feed the family for the next few weeks/months & better borrow from the kids than have them go without essentials.

My kids do very well out of this borrowing lark. I've never had to borrow their savings but quite often raid their piggy banks for change for the milkman, window cleaner etc. As soon as I've been to the cash point they get £10 put back in there (even if it was just a couple of quid I borrowed).