|Copyright:||Copyright Business Wire 2011|
|Source:||Business Wire, Inc.|
Themint.org poll reveals today’s parents almost always give in and provide extra dollars when kids ask
There is a distinct trend of increasing leniency across generations. The poll results show that 63% of today’s kids 17 and younger are “always” given extra money when they asked for it, and 26% of children 17 and younger “sometimes” receive extra money when they ask.
However, older age groups indicated that their parents were much more strict when it came to receiving extra money. Only 12% of those 18 – 45 responded that they were “always” given extra money, 8% of 46 – 59 year olds, and 13% of those 60 and older.
Likewise, the number of those who were “never” allowed extra money steadily increases with age. Only 6% of the 17 and younger group reported “never” being allowed extra money, while that proportion jumped to 26% for the 60 and older group.
“We’re seeing a lot more leniency among parents today when it comes to providing extra money to their kids when they ask for it, and this easy money can create bad habits over time,” says
What do kids do with the extra dollars?
Parallel to the shift in leniency, the types of things that kids want extra money for also changed significantly across the generations.
Overall, the most commonly selected reason why kids today ask for extra money is to buy tickets to a movie/concert/sporting event (40%), followed by food/drink (24%) or to buy a toy/game/phone (19%). Only 15% answered that extra dollars are spent on school/educational purposes, and 1% wanted funds to give to or participate in a charitable effort.
These findings were especially evident in the 17 and younger group, where 58% of kids wanted extra money for tickets to a movie/concert/sporting event.
In contrast, among those 60 or older, 47% cited that extra money used to purchase an item for school or education purposes.
“Parents are becoming more lenient about giving out money to their kids, and it’s typically used to buy non-essential items,” says Schiltz. “As parents, we need to be teaching our kids about responsible spending. This doesn’t mean never buying tickets or new toys. But it does mean curbing spontaneous spending behavior and helping kids understand the real value of each dollar, what they need to do to earn it and how to prioritize using it for spending, saving or investing.”
- Chart: Today’s parents almost always give in and provide extra dollars when kids ask
- Chart: Most kids spend extra money on non-essentials like movies, concerts and sports tickets
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Source: Northwestern Mutual