Sixty percent of parents in a recent survey said they have allowed their under-18 children to use their credit card to make online purchases, with nearly 50% regretting it. Nearly half (46%) of parents say their child used their credit card at least once without permission, up from 29% in 2018.
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The question of whether to give children an allowance has vexed parents since the turn of the 20th century. It’s an issue faced by each new generation of parents without any clear, universal answer, yet is an important consideration in financial literacy … even for celebrities and children of wealth.
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Setting up a trust for a child isn’t exclusive to ultra high net worth families. In fact, creating a trust for a child may be one of the smartest things many parents can do for their children.
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There is a predictability about older generations finding fault with younger ones, but it is equally true that the digital age has not been conducive to developing a child’s face-to-face social skills.
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