Kids today are receiving a ridiculous amount of pocket money according to a recent survey.
A Finder’s Parenting Report discovered that nearly half of Aussie kids receive pocket money, with the average weekly allowance sitting at $9.80.
One in four children receive between $5 and $10 per week, while eight per cent receive between $11 and $20.
A further seven per cent receive more than $30 per week from their parents.
WOAH! That’s nearly more than I earn!
The research revealed 1 in 3 (34 per cent) children have received an increase in pocket money in the past 12 months – equivalent to over 600,000 kids.
Meanwhile, 1 in 2 (58 per cent) children are receiving the same amount of pocket money as they were 12 months ago, and a further 8 per cent are receiving less.
The data shows boys ($10.30) receive more pocket money on average than girls ($9.30) – a weekly difference of $1 per week, or $52 per year, between the genders.
The nation’s top-earning children are from Victoria ($12.10), followed by New South Wales ($11.35) and Western Australia ($9.30).
Parenting expert Michael Grose said the amount of money given to a child should depend on their age, and the amount should increase slightly as the child ages.
In regards to parents giving $30 or more in pocket money to kids, he said this is an ‘unrealistic amount’ and should instead be kept in a savings or investing account for schooling or university.
Mr Grose said while children can earn pocket money by doing chores, it shouldn’t be received after completing ‘every little task’ or maintaining good behaviour.
Mr Grose recommended parents give children coins rather than cash to further teach them the value of money.
How much pocket money do your kids get?
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