Pocket money is an important thing for kids.
WEEKLY WORK: Cameron, Steffi and Josh Liersch get $5 a week pocket money if they do all their jobs. Picture: GLENN DANIELS
But a survey has found that children who get their pocket money without working for it don’t learn how to work for and save money.
The survey was conducted by Australiancomparison site老域名finder老域名备案老域名.
It said 63 per cent of Australian children get some form of pocket money but only onein threehave to do chores for it.
Mother-of-three Julie Liersch said her children got $5 each week but get a dollar deducted for each job they don’t finish.
“My daughter is only six and hasone job which is to keep her room tidy, which she rarely does. Her pocket money ismore of a gesture to get her to do her jobs,” she said.
“Our older son Josh is12 and heputs the bins out, rakes the leaves, sweeps the deck andkeeps his room tidy for $5.
“He hasn’t complained yet butsometimes he won’t do a job and Isay ‘don’t do them and don’tget paid’.”
Ms Liersch said working for pocket money taughther children important life lessons.
“Itteachesthem they don’t get a free ride, they have to work,” she said.
“My middle child, Cameron, is asaver. Hesaved for an iPad.Money burns a hole in Josh’s walletand it’s the same with Steffi.”.
The survey found that the average weekly allowance was $9.30, with teenagers getting $15.40 a week and kids aged up to two getting an average of $5 each week.
Ms Liersch said when she was a child she got $4 a fortnight in pocket money.
“One of my jobs was vacuuming an in-ground pool,” she said.
“I was a saver. I saved for my own colour TV in my bedroom, a stereo and my car. I had a job as well when I was 15 and I remember the TV cost about $250.”
The total cost of pocket money per child over the course of their childhood is $7016, according to the finder老域名备案老域名 study.
The study also found that parents were most likely to give their kids pocket money whenthey were aged 13-14, with 78 percent of parents doing so.
Money expert Michelle Hutchison said nurturinggood money habits in children was a good thing.
“Pocket money is a terrific way to teach kids how to value money but it’s almost pointlesswithout including conditions like doing chores and keeping the amount consistent,” she said.
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