Woman sparks debate over whether it is okay to withdraw money from a child’s savings

A woman found herself in a complicated situation. She wasn’t sure whether it was okay to borrow money from her children’s savings, so she asked other parents how they would handle the situation and her question sparked an interesting debate.

Borrowing money from children has become common practice, and many parents do so without guilt. According to an article in Time magazine, hanging out with children for their savings can lead to mistrust. It’s almost similar to stealing their money management know-how from them.

Shockingly enough, nearly one in three parents admitted to “borrowing” money from their children’s savings. Another survey found that about half of parents occasionally loot their children’s bank accounts and are never guilty of doing so. Worse yet, half of them have never reimbursed their children.

Borrow from a child’s savings in a piggy bank | Photo: Amomama


One person wrote to Mumsnet asking if it was okay to borrow money from their child’s instant savings account and even promised a refund. A user named Ronnie Pickering then responded and reassured them that they disagreed with the practice, but “if you can guarantee that it is reimbursed, I guess the needs have to.” While another user said:

“The money was paid by the parent, so I don’t see any problem with that as long as the parent pays it back. However, I would be concerned as to why there was so much debt accumulated in the first place and the issue of spending beyond their means has been resolved. “

One argument for borrowing money from your children is that it can be viewed as your money. You are their legal guardian and you are also responsible for everything they own. So should you just take it, or is it better to ask your kid’s permission before you dip into their savings?

Person holds a wad of money |  Photo: Pixabay

Person holds a wad of money | Photo: Pixabay


A parent faced a similar dilemma when considering using some of their children’s savings to buy a new home. His wife disagreed and told him they would never reimburse their children. He posted an open question on The Guardian asking what other parents would do in a similar situation. A person named Jill le Neve Johnson replied:

“I couldn’t believe this question when I read it! Family allowances are paid to help cover the costs of raising children. I, like millions of others (and my mother with me), spend it on their children ”,

It is advisable to ask permission before borrowing money from your children, as this presents you as being honest. As long as your child is old enough to fully understand what is going on, you can ask him or her. But if your child is too young to know what you are talking about, it would be impossible to discuss it with him.

Person takes coins from a piggy bank |  Photo: Pexels

Person takes coins from a piggy bank | Photo: Pexels


If your child is in elementary school or above, you can explain your situation and ask them if they are ready to help you. Some parents think it is better to be frank than to take the money without their children’s consent. Sometimes parents have no choice but to make a candid request and see nothing wrong with it.

A parent shared their story on Today’s Parent, pointing out that they would never borrow money from their children without their permission. “I borrow money from my children. And until recently, I never saw anything wrong with it, ”she added:

“I never took them without permission, and I never borrowed what I can’t repay. But, over the past six years, I have also never hesitated to ask any of them for money if I run out.

Times are unpredictable. Households struggling with bills and debts generally have limited financial opportunities and are forced to use their savings. According to The Independent, a fifth of parents borrow money from their children’s savings to pay for living expenses.

couple counts the money they have withdrawn from the bank |  Photo: Pexels

couple counts the money they have withdrawn from the bank | Photo: Pexels

The study pointed out that parents plundered their children’s savings to support their households. The researchers interviewed about 5,000 parents and found that a fifth of them borrowed money from their children’s piggy banks and savings accounts to pay for living expenses.

Jody Coughlan, fund manager at comparethemarket.com, said parents need to make sure they can afford to give their kids pocket money without using it to cover household bills. People on Quora have already pointed out whether it is okay for parents to ask for money from their children’s wages.

Person putting the coin in a piggy bank |  Photo: Pexels

Person putting the coin in a piggy bank | Photo: Pexels

Several people in the online community have shared their mixed opinions on the matter. While some have argued that it is okay to borrow from children as long as parents can pay them back, others were totally against the concept. One person opposed the idea, saying saving money is a learning factor for children, and added:

“If you take money away from them, you take away a very important lesson in life, especially when your child is doing everything he can to make money. “

Other parents believe that since they are responsible for putting money into their child’s savings, they do not need to ask permission to collect it.

Parent distributes money to his child |  Photo: Pexels

Parent distributes money to his child | Photo: Pexels


If you take money from your children when they are young, they may be more likely to withdraw money from your wallet when they are older. They may assume that taking money from the family is normal. You may be setting a bad example for your children without realizing it.

However, having an open conversation with children about money can help you function as a parent. You can learn how to help your children build a healthy relationship with money and make them understand its importance in today’s competitive world.

Nobody counts a wad of money |  Photo: Unsplash

Nobody counts a wad of money | Photo: Unsplash

Have you ever borrowed money from your child’s piggy bank? Many parents have. They think it is a delicate situation while others see it as morally shameful, akin to stealing money from the needy. “It’s my money anyway,” some parents say, trying to justify their situation.

Think back to your childhood and how your parents helped you deal with money and finances. Were you frugal? Did you spend on things that were not necessary? And are you willing to borrow money from your children knowing that you have sowed it for their future? Start the conversation today! Thanks for reading!

About Janet Young

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