Santa Claus is sneaking into more than chimneys this month. Apparently, he’s getting into wallets and retirement accounts.
T. Rowe Price interviewed 2,100 parents and their children about their Holiday spending patterns. The results maybe show why Santa wears red instead of black.
Six out of 10 parents admitted that they “never” stick to their holiday budget, and 53 percent said they get everything on their children’s wish lists “no matter how much it costs.”
A quarter of the parents even went so far as to borrow from their 401(k)plan, dip into emergency funds or take out a loan to pay for it all.
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