Does pocket money teach savings habits for life?
Does pocket money teach savings habits for life? Pocket money is often used as a tool to help children to get a grip on money. Do children in Europe still receive pocket money from their parents and how are they getting pocket money these days? We asked almost 5,000 parents across Europe in the ING International Survey. Join the discussion at e @eZonomics and f facebook.com/ING UK Pocket money index NL 11 PL BE DE Italian parents top the 2014 pocket money index, being the most generous in a ranking of all age groups. CZ 12 FR AT 2 RO 10 ES IT TR 8. Positive signs People who received pocket money as a child are more likely to regularly add to their savings, save for retirement and show greater financial competence in other areas too. But some academics dispute whether pocket money has an impact on the way people save and spend later in life. It is not possible to conclude from our results whether pocket money is the cause or if there is simply a correlation because of other factors. I regularly add to my savings 55% +10 45% I am saving for retirement 40% +9 31% I am regularly overdrawn 22% -3 25% I easily control my spending 74% +2 72% I keep a household budget 66% -5 71% € I regularly buy on impulse 34% +12 22% Did receive pocket money Difference Did not receive pocket money Automatic transfer PIZZA Bank ste ht Bank statement 79% of parents in Europe give pocket money, almost Far fewer are working outside the home to earn their pocket Even chores around the house More than double the share get pocket money directly deposited into a bank account, 8% now compared with 3% of parents who got pocket money that way when they were young. are a less common way to money, 4% now compared with 15% of parents who had a job when they were young. earn pocket money, with 8% now compared with 12% of parents who did. identical to the share that received it as a child. eZonomics Source: ING International Survey on Mobile Banking, Social Media and Financial Behaviour 2014. Read more on www.ezonomics.com/iis ING ING thinkforward
Does pocket money teach savings habits for life?
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