If You Give Your College Kid Extra Cash, There’s a 1-in-7 Chance They’ll Blow It on Booze

If you have kids in college, do you ever send them a little extra spending money? Well if so, there's a 15% chance they're blowing it all on beer.

A new survey talked to 1,000 college kids and recent graduates who said their parents have sent them money. 1 in 7 said they mostly use it as their party fund.

Before you panic, the vast majority of kids in the survey said they spend their parents' money on much more innocent stuff. The most common answers were eating out at restaurants, new clothes, snacks, electronics, trips and outings, movies, and partying was seventh. Here are more stats from the survey:

• 34% admitted they've lied to their parents about their spending habits before. Another 12% just haven't had a chance yet, because their parents haven't asked.
• Two-thirds of kids who get money from mom and dad said they get less than $2,000 a year from them. 44% also have part-time jobs.
• 45% said they think they're "very responsible" with their parents' money. Only 18% said their parents would agree with that statement.
• 70% claim that any extra money they get from mom and dad does help them do better in school.

Read more at PR Newswire.