It found that almost nine in 10 parents believed they set a good example for their children when it came to managing money.

But it also revealed that over a quarter of parents surveyed had taken money or thought about "borrowing" it from their kids’ savings.

"Our research shows that many parents think they’re setting a good example for their kids, but their actions are doing the opposite," said BankWest head of retail deposits Paul Vivian.

"People may be feeling the pinch of purse strings for everyday necessities, but turning to their kids’ savings isn’t the answer."
More than half of the parents surveyed said the number one reason for pinching from their kids’ savings was to purchase everyday essentials such as petrol, milk and bread.

Some 20 per cent of parents said they took the money to pay off regular utility bills, such as water and phone bills.

And 16 per cent of parents said it was to afford extravagances such as a holiday or new car.

Mr Vivian said parents should lead by example and instil healthy financial habits and positive views about money at home.

"Setting up a regular savings account for the kids allows them to see their money grow over a period of time and shows them the benefits of setting a target," he said.

"So if they want that Power Ranger DVD or Xbox, then they can put their money away over a period of time and once they have enough money, then they can go out and buy it."

The survey also found that mums were twice as likely to raid, or be tempted to raid their kids’ piggy banks than dads.

Mr Vivian said parents or guardians who worked part-time were also almost twice as likely to dip into their kids’ savings than those who were employed full time.

"And my advice for the kids, when it comes to parents getting near their piggy banks, is to think about getting themselves a money box with a lock and key."