Parents put a lot of pressure on themselves to be perfect, and since no one really is, we end up feeling guilty. As a result of feeling like we’ve let our kids down in some way, a lot of us try to make up for it by buying them something. According to Ameriprise Financial’s new study, “Parents & Finances,” 52% of the 3-thousand moms and dads surveyed admit to shelling out money for treats and perks because of guilt.
The study finds that nearly half (43%) of parents say they overspent on an item or an experience, while a third say they went over their budget. The pressure to be the perfect parent is real, and so is the guilt, but 44% say they just want to provide the best possible life for their kids.
The research also reveals:
- Saving for retirement is a top financial goal for 59% of parents.
- Paying for their kids’ education is a top priority for 39%.
- Nearly 90% of moms and dads polled say they do plan to help pay for their kids to go to college.
- Close to half started saving money for this before their child was five and 9% started before their child was even born.
- Just over a third (36%) report that managing day-to-day living expenses is also an important goal.
- 60% of parents worry that the tradeoffs they’re making now will affect their long-term financial goals.
- Almost three-quarters (72%) of moms and dads take on the responsibility of teaching their kids about money. They say they want their kids to feel responsible (43%), secure (28%), and in-control (26%) about their finances.
- And 91% of parents say checking items off the “family bucket list” is important, with family vacations as the top item for 80%.
Source: Parents