Barack, Michelle Obama concerned over daughters' wild spending habits

Barack and Michelle Obama are reportedly concerned over their daughters, Malia and Sasha’s wild spending habits.

According to OK!, an insider claimed that the former US President and First Lady are not impressed with their daughters living it up in Los Angeles.

"Now that they're in L.A., the girls are hanging with a real spendy crowd," the source said.

"They eat at the most expensive restaurants most nights of the week, shop for designer clothes in Beverly Hills and West Hollywood and drop thousands on spas and salons,” it added.

"Their daughters' spending is now at the top of Barack and Michelle's grievance list," the insider noted.

"They know they are no different from many other couples whose kids are enjoying their freedom away from the nest," added the source. "This is just an aggravating part of parenthood."