5 Common Financial Conflicts Between Kids and Parents (Plus Tips to Minimize Them)

GoHenry analyzed the most common financial conflicts between kids and parents based on a study from LendingTree and further research. LendingTree and Qualtrics surveyed 1,051 parents of children under 18 in January 2022. 

Read on to learn about the most common conflicts parents and children have about finances and tips on turning these conflicts into learning opportunities. 

5 Common Financial Conflicts Between Kids and Parents (Plus Tips to Minimize Them)

5 Common Financial Conflicts Between Kids and Parents (Plus Tips to Minimize Them)

#5. Parents didn’t give children money to do something they wanted

Children often ask their parents for money to go out and do things. As the old saying goes, money doesn’t grow on trees, so parents must say “no” sometimes.

#4. Child’s spending habit

Sometimes, the things children want to spend their money on—not to mention the cost of these items—are not aligned with parental expectations for intelligent spending

#3. Child’s allowance amount

Allowances are essential for parents to teach their kids how to manage their money and the value of working to earn that money.

#2. The child used credit card without permission

Nearly half of parents in the LendingTree survey said their child used their credit or debit card at least once without permission.

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