Piggy bank of mum and dad: Girls beat boys in pocket money battle

Girls are paid more pocket money than boys and complete more chores each week according to an analysis of national pocket money spending, with experts highlighting the importance of financial literacy for children from an early age.

The data comes from Spriggy, a pocket money app part-owned by big four bank NAB which is used by about 4 per cent of families and holds the most extensive set of pocket money data in the country.

The data from the app shows the difference favours girls by about 2 per cent overall, with equal numbers of boys and girls paid through the app.Credit:Shutterstock

The app allows parents to track their child’s spending and make pocket money payments to their child’s card, and chores can be set by parents with payments made to the child’s card on completion.

The data from the app shows the difference favours girls by about 2 per cent overall, with equal numbers of boys and girls paid through the app.

Girls are paid more than boys for all age cohorts between 6 and 14, except 11 -years-olds who are paid the same – $7.85 a week – and 12-year-old boys, who are paid $8.85 compared to $8.50 for 12-year-old girls.

A 6-year-old girl is paid $5.85 a week, on average, while a boy of the same age is paid $5.50. A 14-year-old girl is paid $11.65 compared to $11.30 for a boy of the same age.

“Working for pocket money promotes an entrepreneurial mindset, teaches kids the value of money and helps build strong financial literacy during what are very formative years,” Alice Brennan, product manager at Spriggy says.

She says the data shows that girls complete about 12 per cent more chores than boys. “That suggests that girls are more engaged in earning, spending and saving at a young age,” Brennan says.

Adele Martin, the founder of My Money Buddy, says it is important for parents to educate their children about money. As a financial planner, she appreciates the importance of financial literacy.

Martin, who has two children, a two-year-old girl and a four-year-old boy, started talking to them about money as soon as they could talk.

Jerome pays pocket money to his three daughters with the Spriggy app, which is helping them to learn good money habits. 

“While some people may think that is too early, talking about money is one of the best things that parents can do,” Martin says.

“Some people just do not talk about money, as if it is taboo but the more open we can be about money the more they will learn,” she says. “If we do not talk to our kids about money, where will they learn about it?”

Jerome, an IT manager who lives in the Illawarra region of New South Wales, used to give cash pocket money to his three daughters, aged 14, 13 and 9, but “it was a pain”, as he would forget to pay them.

“They would forget to ask me and I would forget to give it to them, and we could never work out how much they should be paid,” he says.

“A friend told me about this Spriggy thing and that sounded like a good idea,” he says. His eldest daughter is paid more so that she can pay for things, such as having lunch with her friends.

“It helps to teach her to be responsible with money as she has the money in her own account,” Jerome says.

  • Advice given in this article is general in nature and is not intended to influence readers’ decisions about investing or financial products. They should always seek their own professional advice that takes into account their own personal circumstances before making any financial decisions.

Most Viewed in Money

From our partners

Source: Read Full Article