Family Sharing: Can it be used to back up multiple phones to the same iCloud account?

With the Family Sharing feature of iOS8 & Yosemite, is it possible to back up multiple iPhones automatically to one iCloud account?
My family needs a way to automatically back up their iPhones. It would get really costly and otherwise problematic to equip each of us with iCloud accounts just so we could back up our phones automatically. If Family Sharing enables us to do these automated backups to one iCloud account, then I'd go ahead and upgrade my iCloud account to the 200 GB iCloud storage allotment.
However, if I do this, does this give my 11-year-old access to my iCloud email account, contacts and other personal information? I imagine that the Family Sharing tool should be able to manage this, but I'd like to be sure.
Thanks.

I do know that if you have separate iCloud accounts you can share with your children what you need to. I encouraged my daughter to do that for her 2 kids she bought iPads for Xmas. Instead of using her account like she had been doing with her old iPhones the kids used, she created new iCloud accounts to take advantage of the 5 gig for each account, otherwise just 2-3 devices ***** up that 5 gigs immediately.  She then set up what she wanted them to have access to, and it worked out perfectly!
I myself was thinking of doing the opposite of what you inquired about and doing what she did with her kids, but for myself. I am thinking about created a separate iCloud account then share with myself what I need to so I can gain 5 gig storage by using separate account on a couple devices.

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