Bad U.S. Economy Busts Tooth Fairy
Kids all across the country are feeling the sting of budget cutbacks as the average payout for a lost tooth plummets from $3.00 to just $2.60. That’s a net revenue decrease of nearly 14% in just one year. In addition, the number of kids getting completely flown-over by the Tooth Fairy has gone from 4% to 10% in the past year, leaving 5 in 50 kids with no tooth-loss compensation.
“The survey gives parents the opportunity to start talking with kids – even pretty little ones – about money management,” Jason Alderman, Visa’s senior director of financial education, told the Denver Post.
Despite the recent news of the Tooth Fairy troubles, parental cutbacks on child-focused spending has been on the decline for several years as the economy has tanked. A 2008 study by Engage Mutual Assurance showed that 1 in 2 parents were notably reducing the amount of income spent on their children just to try and make ends meet. Among the items parents listed as lost to budget cuts in family spending were holidays, outings, toys and hobbies, pocket money and children’s clothing.
With the release last month of Tesco’s Top 10 Toys for Christmas 2011, one’s mind also turns to concerns for the coming financial viability of Santa, and the “opportunities” for talks with kids about “money management” those will bring to parents in the near future.
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