According to a recent MSN and Real Simple survey, 56 percent of parents are likely to ask their kids to take an allowance cut until the economy gets back on its feet.
Kids are on board and willing to help this year when it comes to back-to-school expenses.
For instance, 31 percent of parents say their kids are willing to give up cool clothes to help simplify during tough times.
Despite all the cuts, the economic downturn has its ups.
Parents are using the troubled economy to educate their kids about finances and 54 percent are unlikely to shelter their youngsters from economic realities.
Furthermore, 73 percent of parents say the economy has positively affected their family by enabling them to simplify their lives and eat more meals together at home.
For more info, visit lifestyle.msn.com and realsimple.com.
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