A Talker Research survey of 2,000 American parents reveals 31% have children who made unauthorized online purchases averaging $170 each. One in five parents reported their child’s unauthorized spending exceeded $300. Children are purchasing items beyond games, including computers, smartphones, smartwatches, and even cryptocurrency. The average child receives $119 monthly in allowance, yet only 12% never exceed their spending limits. Twenty-three percent of parents rarely check their children’s card activity, while 11% rarely require purchase permission. Seventy-two percent of parents feel their child doesn’t understand money’s value. When unauthorized purchases occur, 56% talk with their children, 23% remove devices, and 20% require repayment. (Story URL)

PHONE TOPIC: Do you remember the first thing you ever bought with your own money?