Parents: do you borrow money from your kids' piggy banks or savings accounts?

Former_MSE_Andrea

A recent Santander study says a third of parents in Britain are secret piggy bank raiders, taking money from their children’s savings accounts to pay for something for themselves.

Do you you borrow money from your kids' piggy banks or savings accounts?

Do you give it back with interest?

For whatever reason have you ever not given it back?

The Santander survey also found that of the parents who took money from their children
:
• 49% of parents put the money back as soon as they could
• 19% intended to pay it back but didn’t and 15% had no intention of paying the money back

OrkneyStar

Yes

I have 'borrowed' some of DS's pocket money if we are in the shop and I want to pay cash and have just not quite enough in my purse. Straight away I'll go out and replace it from the ATM though and would never take it if I didn't know where it was coming from. Occasionally DS wants to buy me something from the chippy or something with his pennies, and we let him, as we think it's great he is wanting/learning to do this, but of course we will buy him something else later in the week or next time (and always make sure that we are paying more than he does, so effectively he's never at a loss but is learning to be kind).

Alikay

Yes

Yes. When our kids were little I frequently raided their piggy banks to pay the milkman, window cleaner, school trip money or football subs etc. They got it back again, by payday at the latest and I didn't pay them interest.

JP08

Oh, that brings back memories - and not particularly good ones.

Parents went through some pretty tough times round the mid 80's and well into the nineties. Certainly there was no such thing as pocket money for an 11 year old JP. What cash I did get was from birthday and xmas, and from about 13 onwards, gardening. Quite frequently it used to be "borrowed" from ... I never recall it coming back.

Understandable now, looking back as an adult, with the situation they were in, but by the gods did it rankle then - and still colours my attitude to money and borrowing to this day.

jjj1980

No

No, never have and never would.


My ex-husband did once empty DD's piggy bank out when she was about 9 weeks old as he wanted a takeaway(!!) and couldn't understand my anger as in his words "She's too young to understand or need the money"

marisco_2

I have occasionally borrowed money from the children's savings but have asked them first and explained why it was needed. I think it is important that they understand about give and take and helping people out. It was paid back as soon as I was able to though without interest added.

jaylee3

I never understand why there is an option to put up a poll and make a choice to make sure everyone can see which option each individual poster picked.

Why does anyone need to know?

Regarding this poll; I think many people will not pick an option. If I had taken money from my kids because I was struggling, I wouldn't tell anyone!

JMO.

Indie_Kid

I remember a few years ago, we had the milkman call and mum hadn't left money (I think it was just a case of forgetting, as you do) and I paid him. I then got an apology for it.

(and no, I didn't charge interest for it and was given back the money within a few days)

Alikay

Yes

jjj1980 wrote: »

No, never have and never would.

Why? I don't think it's a big deal at all, and frequently lend or borrow a bit of cash to/from family and friends if they've only got a large note or haven't yet been to the cashpoint. Obviously paying it back is a priority but none of us have a problem saying "remember you owe me that fiver from Tuesday" or putting an IOU in kiddies money boxes.

Our children didn't mind a bit, as I tended to take loose change to make up the dinner money etc, but when I repaid, it was usually in larger denominations of coins.

clairec79

If I've needed cash for something and have no money on me then I have (it's usually for something for them anyway) - but it would get paid back as soon as I have time to go to a cashpoint

By something for them I mean the 'mum I need £1 for school tomorrow for XYZ' rather than a I'm going to the shops to buy them a new pair of shoes

Lunar_Eclipse

Yes

Yes all the time.

Of course I pay it back, not with interest since I'd happily lend them money without charging interest. And how much interest would be charged on say £10 for a day or two anyway?

We are relaxed about money and I love the fact the kids are too. They treat their friends, their friends treat them, we help each other out financially if needs be. All good so far.