HOW MUCH POCKET MONEY DO KIDS GET THESE DAYS?
Image Credit – bowie15/123rf.com
Canberra kids are earning more pocket money than their parents did, spending big on gadgets and struggling with the idea of digital money.
That’s according to the latest research from Commonwealth Bank, which shows kids in the ACT get about $5.45 a week.
They start getting that money from around the age of six, while their parents who were children in the 80’s, got about $1.67 at the same age.
Expectations around chores have also changed, as 76% of parents were expected to complete chores to get pocket money, compared to 83% of children today.
In terms of what kids are saving for, 42% are putting money away for electronic devices like tablets and smartphones, as well as game consoles.
That’s a drastic change from their parents, who saved their money for books like Roald Dahl’s ‘The Twits’ and ‘The BFG’ and clothes such as neon tracksuits and scrunchies.
Kids these days are also getting pocket money earlier.
In 2016, the average age when kids started to get pocket money was six years old.
That’s about four years younger compared to their parents’ generation!
The stats also show kids these days are pretty good at saving, with many saving most of their money (56%) for big ticket items, rather than spending it (44%).
Just over half of Aussie parents let their kids make spending mistakes to teach them lessons about the value of money, but at the same time, just under half are also helping their young ones set saving goals and create budgets.
About one in five parents are using different methods to teach their kids about digital money management, with many using both cash and online bank transfers when giving their kids money.
33% aren’t giving their kids pocket money at all, with those people giving money when needed, or putting it away till they’re older.
Kristen and Rod put the call out on Facebook this morning to find out what your kids spend their pocket money on.
“My 7 year old gets $5 a week for completing about 5 jobs each day of the week. She puts at least $1 of this in school banking each week. She spends hey money on magazines and toys usually. If she really wants to buy something big she saves up.” – Julia
“Kids are 11 and 14. They get $10 pocket money but only if their chores are completed. Then choose whether it goes into savings or 50% saving and 50% spending. Mostly they will save until they want something or 14yo uses hers when going out with friends or a sleepover for snacks and drinks.” – Kim
“Man kids these days make a killing I swear. I Am between 25-30 and only ever made $2 a week until I started working and I had to EARN that by making bed, keeping room clean, let dog out each morning and mow the lawns each weekend. And like Rod, I spent mine on mixed lolly bags when I could.” – Rolando
“My girl is 8. She earns around $5 to $10 a week. It’s her choice depending on her behaviour. She is very clean and respects her belongings. She’s free to buy whatever she likes, which I believe is a great concept of dealing with $$. Honestly though my girl’s a saver. She loves going into the bank and banking it.” – Smiley
“Straight into their bank.” - Rebecca
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