Myth busted: Aussie kids DO know the value of a dollar Talk to us Phone us Email us Breadcrumbs Teachers Mutual Bank About us Media releases 2016 Myth busted: Aussie kids DO know the value of a dollar 21 November 2016 21 November 2016 Australian children are 21 per cent more likely to have to work to receive pocket money than past generations – busting the myth that Gen Z have it easy, finds Teachers Mutual Bank. The findings are part of Teachers Mutual Bank’s ‘50 Years of Pocket Money’ report^ which surveyed more than 1,300 Australian adults on their pocket money views and experiences. According to the report, 81 per cent of Australians believe children today should do chores to receive pocket money and 85 per cent believe that parents should have some influence on what children do with their pocket money. “Despite some beliefs to the contrary, Australian children are not simply being handed money. Our report has shown that Australians are committed to educating children about financial literacy, and the value of being rewarded for hard work, through the provision of pocket money,” says Steve James, Chief Executive Officer, Teachers Mutual Bank. “It is refreshing to hear that parents are setting expectations to ensure their children develop good financial habits,” says Mr James. The top pocket money chores for children in 2016 include tidying their bedroom (85 per cent), setting the dinner table and/or cleaning up (77 per cent), taking out the rubbish (67 per cent), looking after pets (66 per cent) and cleaning the house (50 per cent). Pocket money has been a consistent part of growing up for Aussie children with almost 70 per cent of adults having received pocket money as a child. Today, an overwhelming 87 per cent of Australians think children should be paid an allowance. The ‘50 Years of Pocket Money’ report celebrates Teachers Mutual Bank’s 50-year anniversary, and reveals how much pocket money kids receive, how it is managed, the conditions for earning it and how it has transformed in line with our twenty-first century lifestyles. Key insights from the report show: For a child in 2016, running errands, gardening and mowing the lawn are increasingly uncommon household chores for them to undertake, but they are increasingly expected to help with laundry duties and looking after the family pet The most conservative views on pocket money come from those currently aged 35-44 years old, with 17 per cent believing children shouldn’t receive any pocket money at all, compared with the 13 per cent average across all adults Australian men are more likely to think pocket money should be dependent on good behaviour (57 per cent) than women (53 per cent) Just nine percent of Australians believe that pocket money should be unconditionally given to children – meaning they would receive their allowance regardless of their behaviour or chores While parents agree that chores and good behaviour are the keys to a healthy piggy bank, the way pocket money should be paid to children is a point of contention among Australian adults,” says Mr James. Over half (56 per cent) of Australians who received pocket money as a child remember their parents giving them guidance on what they did with their pocket money. In 2016, almost nine in ten Australians think parents should have some influence over pocket money spending and saving. Despite our increasingly cashless society, where pocket money is concerned, cash is still king. However, it appears this may be changing. Almost a quarter (23 per cent) of Australians say allowance should be paid into a bank account either for kids to use ‘tap and go’ card features to spend, or to save their money for the future. To meet the growing need for a cashless pocket money option for families, Teachers Mutual Bank is piloting a program called Spriggy, a dedicated mobile app that comes with a reloadable Parent Wallet and prepaid Visa card for children. Using the app, parents can load money into the Parent Wallet from a nominated bank account, and then easily allocate pocket money to the child’s prepaid Visa card. “The prepaid card can be used to spend online or in-store, wherever Visa is accepted, and parents can monitor their kids’ spending in the app. We believe that Spriggy provides a great resource and we wanted to test it to see if it meets our members’ needs,”, said Steve James. Teachers Mutual Bank also offers banking solutions for children through their Tiny Monsters Bank which helps provide a basic understanding about money and finances to children aged under 12 (with Teen Banking the corresponding solution for over-13s). It’s filled with activities that stimulate, educate, motivate and engage children while they learn about money and is matched with Mighty Saver – a high interest savings account for under-18 year olds that rewards savings. “A lot has changed since Teachers Mutual Bank was established in 1966, but pocket money has remained a central rite of passage for many Australian children. By sharing our research on 50 Years of Pocket Money, we hope to spark conversations about financial literacy across Australia and encourage awareness of how learning about money can benefit children,” concludes Mr James. Visit the Teachers Mutual Bank website, Facebook and Instagram pages. #tmbankau #50yearsofTMB 50 years of pocket money fast facts Not surprisingly, pocket money has been steadily increasing, half (50 per cent) of 45 to 54-year-olds received less than $5 per week when they were a child, compared with just 27 per cent of 18 to 24-year-olds Australians are still unsure on just how much pocket money children should receive in 2016 - the majority of Australians (56 per cent) think the pocket money sweet spot is somewhere between $5 and $20 per week Eight out of ten (81 per cent) Australians think children should be doing chores to earn pocket money in 2016, compared to 67 per cent of Australians adults who reported they had to do chores to earn pocket money growing up Over 80 per cent (82 per cent) of Australians believe pocket money teaches children how to save and spend money wisely, and teaches the value of money See the full report here About Teachers Mutual Bank Teachers Mutual Bank have been helping members make the most of their money since 1966. With over 186,000 members and more than $5.8 billion in assets Teachers Mutual Bank is dedicated to providing financial products and services for teachers, their families and employees in the education sector. Teachers Mutual Bank exists for the mutual benefit of their members, which means everything they do is to ensure their members have a brighter future. <Ends> For further information, the full report, infographic, pocket money tips and hints, pocket money case studies or to schedule an interview with Steve James please contact: Katie Eastment/ Victoria O’Neill IMPACT Communications Australia Ph: (02) 9519 5411 Mob: 0435 918 466 (Katie) firstname.lastname@example.org email@example.com ^Conducted via Pureprofile (July-August 2016), n=1,364 50 years of Pocket Money report Back to top.