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Parents: On Holiday Gifts Spending

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With Black Friday around the corner, a new report says most parents admit to overspending on gifts for their kids.

In its “Parents, Kids & Money Survey” investment firm T. Rowe Price talked to 1,000 parents with kids between 8 and 14 years old last January, and 62% of them agreed with the statement: “I spent more for my kids over the holidays than I should have.”

Alarmingly, 37% of parents said they were also willing to use savings — either from their regular savings account, retirement savings, or their emergency funds — to cover holiday spending.

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