"Shop till you drop" used to mean getting a crazy amount of steps in at the local mall. 🚶 Nowadays? It’s all shop and no drop, coming to you live from the couch. 🛋️ Hey, at least our clicker fingers are looking fitter than ever.
A new survey shows just how many kids are adding to cart…without parental approval. Pull up a chair as we pour you some of this hot tea! ☕🛒
Here’s Five Fast Facts on kids and online shopping:
- 🤫 Secret Shoppers - How many children make unapproved purchases online? According to the survey, 31% of parents caught their kids red handed. These sprees average about $170, however 19% of parents surveyed reported damage of $300 or more.
- 🐷 Pigging Out - Parents say teaching kids about money in our digital age is harder than ever. Instead of piggy banks, we’ve got Venmo and Bitcoin. Roughly 23% of parents say they don’t monitor their kids’ credit or debit card purchases. Another 11% say kids don’t need their OK to buy something online.
- 🧹 Chore Score - If you’re wondering if kids still get allowances, the answer is yes. Over half (57%) of parents say they give their kids an allowance, at an average monthly amount of $119. However, many kids spend beyond what they’re given. The survey revealed that just 12% of parents report their kids respecting their limit.
- 😤 Big Trouble, Mister - How do today’s parents handle unapproved spending sprees? The most popular response: sit down for a conversation (56%). Another 27% say they have their kids return the purchase, 23% take devices away, and 21% use good old-fashioned grounding.
- 💸 Get Schooled - Parents want their kids to understand money and 61% said they wish an expert could step in and teach them. The next best thing? Check out online resources like MoneyTime, KidVestors, and Khan Academy!
🔥Bottom line: From TikTok Shop to Amazon Prime, buying whatever we want has never been easier. Let’s teach the kiddos that keeping up with the Joneses isn’t a flex. Super savers always come out on top! Just how much are Americans saving, anyway? Head over to this article for some fresh data.
Do your kids shop online?
Let us know by connecting with us on Facebook and Instagram! Also, remember to share this newsletter with your friends & coworkers!
BTW, If you’ve read this far and haven’t yet signed up for the weekly Paycheckology newsletter, CLICK HERE!
