A recent survey found that nearly one-third (31%) of U.S. parents with children under 18 have experienced unapproved digital purchases by their kids, averaging around $170 per transaction. 19% of these unauthorized transactions exceeded $300, including big-ticket items such as electronics and even stocks or cryptocurrency.
The study attributes this behavior to lousy financial supervision and education—23% of parents rarely monitor their child’s spending, and 11% don’t require permission for digital purchases. 72% of parents believe their children don’t understand the value of money, particularly digital currency.
Most parents give weekly allowances, averaging $119 per month, with 14% giving over $250.
Experts stress consistent and early conversations about money as key to building responsible financial habits