Parents 'still spend money on children when times are tight'

Aussies are still willing to take funds out of their bank accounts to purchase goods and services for their children, even when they are struggling to make ends meet, an expert has asserted.

Speaking to, financial planner Justine Davies asserted that people are often willing to pay "a hefty premium" when they are emotionally invested in acquisitions.

"There is nothing that hits our emotions harder than parent guilt," she stated.

Aussies who find their budgets are suffering as a result of this may want to consider taking her advice and looking for free activities for their youngsters to participate in.

It may be possible to avoid putting too much strain on debit cards by looking at what local councils have to offer or heading to museums and galleries that have free entry for kids, she suggested.

Mark Degotardi, a spokesperson for Abacus, recently told the Herald Sun that forward-thinking parents planning to open savings accounts for their ankle biters should look beyond the headline interest rates when selecting bank accounts.

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