The official blog of Baby & Kids magazine. Visit us online at www.babyandkidsmagazine.com.
Wednesday, April 20, 2016
T. Rowe Price survey says parents still spend freely on kids
T. Rowe Price's 2016 Parents, Kids & Money Survey found that parents' reluctance to discuss money with their kids has not translated to a reluctance to spend it on them. Nearly half of parents (46 percent) have gone into debt to cover something their kids wanted, and many say they spend too much on things their kids do not need (57 percent). Yet most worry about spoiling their kids (58 percent), and many kids have come to expect their parents to buy them what they want (57 percent). And while many parents have some reluctance to discuss family finances (71 percent), they tend to talk to boys more about money than girls. When asked why, one of the top reasons given was that boys need more help with money.