Three quarters of Austrians want to teach their children how to handle money at the latest at primary school. Erste Bank thinks 1.80 to 3 euros per week is suitable for the very youngest.
According to a survey, more than 90 percent of parents believe it is important to distribute pocket money, assess values and take responsibility for it. But 41 percent also feel social pressure to give. “Pocket money is not just about the amount. Rather, as a paycheck for children and young people, it is a great tool for financial education at a young age,” said Philip List, head of Financial Life Park (Flip) at Erste Bank.
Pocket money according to formula
But how much you should give is of course individual. “For children, we recommend 30 to 50 cents as weekly pocket money, multiplied by their age. For young people, that is 2 to 3.60 euros per month times their age,” says List.
In concrete terms, this means that 1.80 to 3 euros per week would be suitable for six-year-olds and twice as much for twelve-year-olds. From 13 years, a monthly payment is better. As a rule of thumb, 26 to 47 euros is a good value.
Source: Krone
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
