Parents are Dipping into Their Kids' Savings

More parents today are unable to contribute to their children’s savings, and are even taking money out of their kids’ accounts to pay the bills, according to a new survey from ING DIRECT, the online-only savings bank. Some interesting highlights from the survey:

• Approximately 1 in 3 parents have stopped putting money into their children’s savings accounts.
• Nearly 1 in 5 parents have taken money out of their children’s savings account to pay household bills or cover debt.
• As many as 1 in 4 parents with kids under age 18 do not have any money set aside for their children’s future.

Do you have money put away for your children’s education and future? Have you had to dip into money set aside for your children?