There’s been a price hike in many things in the last 12 months, kids’ pocket money included. If you’re curious what the rest of the nation is dishing out to their kids, the numbers are in! If you haven’t got an iron-clad pocket money contract with your kid, expect to see him negotiating a raise soon.
The research has been done and the numbers are in
The numbers have been crunched and new research shows that one in three Aussie kids under the age of 12 have received an increase in their weekly allowance in the past year.
Not everyone is topping up their savings though. According to Finder’s Parenting Report 2021, which surveyed 1033 parents, more than one in two children (58%) stayed on the same pocket money rate, while 8% received less.
Finder money expert Alison Banney says:
“Increasing your child’s weekly allowance is just like a salary increase. As they get older and start taking on more household responsibilities, this is a great way to reward them.”
“This teaches them the value of hard work and will prepare them for entering the workforce later in life.”
Or you know, they will just charge you more to wash the car on a whim. Just sayin’.
So how much are kids getting?
Hold on to your purses here ladies, nearly half of the under-12s crew across Australia is receiving an average weekly pocket money amount of $9.80. That’s nearly 2 BILLION dollars a year in pocket money.
A quarter of the kids received between $5 and $10 a week, while 8% received between $11 and $20. Upping the stakes again is a further 7% of children who receive MORE than $30 a week from parents. Say what. MORE THAN THIRTY DOLLARS?
Where are all the mini high-rollers at?
Turns out it’s Victoria‘s youth that is raking in the allowance dollars. The average weekly amount per state looks like this:
- Victoria – average $12.10 per week
- New South Wales – average $11.35 per week
- Western Australia – average $9.29 per week
- Queensland – average $6.36 per week
- South Australia – average $4.72 per week
- Surprisingly, Northern Territory was not reported on.
Different house, different pay rate
Wondering who gave an increase? It comes down to the generation parents sit in. The study found Generation Z parents (born 1997-2012) were most likely to have given their kids an increase, with 47% increasing pocket money over the past 12 months, compared to Millennials (35%, born 1981-1996) and Gen X parents (29%, born 1965-1980).
Do I have to give my kids pocket money?
Listen, a weekly allowance isn’t something you HAVE to do, but it can be really great for teaching your kids about money management, earning, budgeting and saving.
One of the important things about an allowance is that kids learn they have to work for their hard-earned cash. The older your kids are, the more they’re capable of doing, the more value the money reward.
It’s also important to not pay your kids to do every little thing. Differentiate between responsibilities (brushing teeth, keeping their room clean, putting school bag away) and paid chores (packing the dishwasher every night, cleaning up after the dog, mowing the lawn) for example. Make it crystal clear what they are so everyone is on the same page come pay-day.
Wondering what kind of chores you can expect from your child? Have a look through this pocket money checklist for parents as well as this extensive list of household chores for kids of every age as a guide. No excuses (and hopefully) the end of parents tidying bedrooms. HAPPY DAYS.