30% Of Parents ‘Borrow’ Money From Their Kids Piggy Banks
Kelly and I were chatting about a new survey where 30% parents admit they sometimes 'borrow' money from their kids piggy banks. The survey also found that 48% of parents bribe their kids with cash to behave and 52% say its more important to them to save for their kids college than their own retirement.
The survey found 44% said the best way to save for college is some type of a saving account. Out of those surveyed only 34% knew about a 529 account, which is actually a college saving account that offers some sweet tax breaks. I'm getting very nervous because my 18-year-old daughter is graduating high school in a few short months, and we still don't have a firm plan in place. She's not sure where she wants to go to school in the fall and doesn't really know what she wants to major in.
Wish me luck. I see a ton of school loans and a second mortgage in my very near future.