This is a great question and the long and short answer is there is absolutely no justification whatsoever for parents to “steal” their child’s savings without their consent. And even then, how dare parents consider their child the money pit for their spending sprees.
I have a friend whose daughter’s boyfriend had saved over $3000 in a bank account which his father was a signatory to. The father literally stole every last cent. Not to mention both parents expected him to pay for the weekly grocery bills for the whole family as well.
The young man is so very angry at his parents they don’t even realise they have just expended his last bit of love towards them. So if you want your kids or child to end up hating you and moving out never to return then by all means steal their hard earned savings. All you have done is got a short term hit for long term pain. And, don’t expect your kid/s to look after you in old age - they’ll be nowhere to be seen.
Theft is theft and my advice to any young person in such a situation -
- Go to the police and lodge a complaint.
- Then go to the bank and open a bank account that you and only you are the signatory on.
- If you want to keep the other bank account open ensure you leave $5 in the account. That way if your parents think they can still get their hands on your hard earned dollars they’re in for a rude shock.
For parents to consider their child is the unending money pit for their spending behaviour is totally unacceptable. All you have taught your child is that what theirs is yours and what’s yours is your own. Why bother saving if a parent is going to help themselves whenever they like?
So young people - it may be hard to do the above however, remember: your parents are supposed to be the responsible adults and all they’ve shown you is how irresponsible they are with both theirs and your finances.
Stand up to them . Get that secret bank account that only you know about and have your savings stockpile in this account which your parents cannot put their grubby, thieving hands on. Remember: theft is theft regardless of who is perpetrating the stealing.
Good luck and I hope you come out with not only having a great nest egg for the future but also wiser in that you may need financial protection from your family. You didn’t ask to be born into your family. However, when you are old enough you do have the decision and the right to divorce your family.
And, to those greedy, sucking, thieving parents. Remember the wheel of life: what goes around, comes around. Your short term gain can end up in long term pain. And whilst you’re at it: go crawl back under the rock from which you came from.