Raising children often comes with big expenses—from braces and birthday parties to back-to-school shopping and college tuition. For many parents, those costs are more than their budgets can bear. A recent Money Life with Chuck Jaffe interview, featuring National Debt Relief’s Chief Consumer Affairs and Creditor Relations Officer Natalia Brown, sheds light on just how far families are stretching their finances to give their kids the best start in life.
The company’s new study found that six in ten American parents are taking on debt to support their children. This statistic underscores the emotional and financial strain facing households across the country.
Brown explained that debt has become “the reality of being a parent.” Whether it’s medical bills, school expenses, or rising costs for everyday essentials, many parents are sacrificing their own financial well-being to meet their children’s needs. The survey revealed that 81% of parents are prioritizing their kids over their own financial goals, putting retirement, health care, and even emergency savings on the back burner.
Many are turning to credit cards or buy now, pay later services just to cover seasonal expenses like back-to-school shopping or the holidays. These decisions may feel necessary in the moment, but they often lead to long-term financial hardship.
The emotional toll of this debt is equally troubling. Nearly half of the parents surveyed reported that their financial stress is affecting their mental health and relationships. Brown noted that some respondents described losing hundreds of hours of sleep each year due to worries about debt, while others admitted to skipping meals or delaying medical care so their children wouldn’t go without. “When there’s a toll on mental health,” she said, “there’s an increase in stress—and that stress touches everything, from marriages to parenting itself.”
One key finding, Brown added, is that many families aren’t discussing money openly at home. Instead, parents often hide their financial struggles to “keep up appearances,” using financing tools to give their children what they believe every child should have—from gifts under the Christmas tree to new clothes for school.
But when children don’t see the real trade-offs behind those purchases, it becomes harder for them to learn healthy financial habits. Brown emphasized the importance of teaching kids about money early on, helping them understand what things cost and how to plan for their own futures.
As the conversation on Money Life with Chuck Jaffe illustrated, parents need support and honest dialogue about debt, not shame. And for those who feel overwhelmed, National Debt Relief offers resources and programs that can help families regain control and find a path forward.
It’s a powerful reminder that financial self-care isn’t selfish—it’s essential. By taking steps to manage debt and build stability, parents can model resilience and responsibility for their children, ensuring that the next generation inherits financial confidence.
