REVEALED: How Much Pocket Money Aussie Kids Under 12 Will Put In Their Pockets In 2021 — And Some Are Making As Much As $30 A Week
- Finder has revealed how much pocket money Australian children receive
- The report surveyed 1,033 parents of children under the age of 12
- The average weekly allowance is $9.80 per child
- Two parenting experts emphasized the importance of pocket money
- Sharon Witt and Michael Grose said it teaches kids the value of money
The average amount of pocket money Australian children under 12 receive, according to a new survey of 1,033 parents across the country.
According to Finder’s 2021 Parenting Report, nearly half of children receive pocket money, with an average weekly allowance of $9.80.
One in four children receive between $5 and $10 a week, while eight percent receive between $11 and $20. Another seven percent receive more than $30 a week from their parents.
Parenting experts Sharon Witt and Michael Grose, both from Melbourne, agreed that pocket money teaches children the value of money, but it has to be done the right way.
According to Finder’s Parenting Report 2021, which surveyed 1,033 parents of children under 12, nearly half (49 percent) of children under 12 receive pocket money, with an average weekly allowance of $9.80
Parenting expert Sharon Witt (pictured) said pocket money teaches kids the value of money
‘It is valuable for children to learn the value of money as early as possible. From early primary school children could certainly be given a list of jobs they could do to earn a little bit of pocket money,” Ms Witt told Daily Mail Australia.
‘Learning to earn, budget and save for ourselves is a valuable skill that we can teach them.’
Mr Grose agreed, adding that children from the age of five should be given pocket money to learn what money is and how it can be used.
“If anything, it’s much more important these days to give children pocket money as we have become more of a cashless society,” he said.
The survey found that 1 in 3 (34 percent) children received more pocket money in the past 12 months – equivalent to more than 600,000 children
The survey found that 1 in 3 (34 percent) children received more pocket money in the past 12 months, equivalent to more than 600,000 children.
Meanwhile, 1 in 2 (58 percent) children receive the same amount of pocket money as 12 months ago, and another 8 percent receive less.
Mr Grose said the amount of money given to a child should depend on their age, and the amount should increase slightly as the child gets older.
With regard to parents giving $30 or more in pocket money to children, Ms. Witt said this is an “unrealistic amount” and should instead be kept in a savings or investment account for schooling or college.
Average weekly pocket money by state
Victoria – $12.10
New South Wales – $11.35
Western Australia – $9.29
QLD – $6.36
South Australia – $4.72
Source: Finder’s 2021 Parenting Report of 1,033 Parents of Children Under 12
Mr Grose and Ms Witt said that while children can earn pocket money doing chores, they should not be received after completing “every little task” or maintaining good behaviour.
Activities such as making their beds and tidying up their clothes should be an essential part of life as part of a family and community – we should not teach our children to expect payment for any task expected of them ‘ said Mrs Witt.
“But there are some great benefits to teaching our kids and teens the principle of ‘delayed gratification’, where we actually have a goal that we’re saving for.
“This is a great life skill to develop and I’m all for starting as early as possible.”
Mr Grose and Ms Witt said that while children can earn pocket money by doing chores, it should not be received after completing ‘every little task’ or by behaving well.
Mr. Grose advised parents to give children coins instead of cash if possible to further teach them the value of money.
He also suggested implementing a strategy with three pots – one to spend, one to save or save, and another to give – and let them choose what to spend their pocket money on.
The data also shows that, on average, boys ($10.30) receive more pocket money than girls ($9.30) — a weekly difference of $1 per week, or $52 per year, between the sexes.
The country’s highest-earning children come from Victoria ($12.10), followed by New South Wales ($11.35) and Western Australia ($9.30).