We Bribe Our Kids, and Other Parental Money Misbehavior
NEW YORK (TheStreet) -- By and large, parents try to do right by their kids and teach them the responsible way of handling money. But they're not above a bribe to get children to do their chores, or even "borrowing" money from their kids' savings to spend it on other needs.
So says T. Rowe Price in the annual Parents, Kids & Money survey released this week.
"We all can get caught up in the moment in looking for a way to get our kids to take care of what we're asking them to do," says Stuart Ritter, a financial planner at T. Rowe Price. "That said, the issue is less about why parents are doing it and more about what the conversation is around the money. Parents need to use any exchange as a teachable moment to talk to kids about what to do with the money they're getting."
The survey offers a revealing picture of how parents treat their children on money matters. The good news is that 69% of parents "want to set a good example" when it comes to saving and spending money.But aside from the 48% who resort to bribes, another 28% of parents say they have lied to their kids about money and another 30% say they have borrowed money from their children's savings for their own use.
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