Inflation forces many parents to take action. However, pocket money remains very crisis-resistant with an average of 41 euros. And that’s a good thing: pocket money teaches children how to handle finances properly. Krone+ explains how this works best and answers questions from parents.
First of all, the good news: according to a current study by the comparison platform Durchblicker.at, two-thirds of children up to the age of 18 receive pocket money – an average of 41 euros per month (see graph). Three years ago this was only one in two people with an average of 33 euros. Almost all children (97 percent) are free to decide what to do with it. Nearly six in ten spend it on games or books, 42 percent buy food at school and 38 percent finance their free time.
But not all parents remain unscathed by high inflation. As a result, one in ten households had to reduce or even eliminate their pocket money. The red pencil was even bigger when it came to financial provisions. Of the 85 percent of parents who pay into a savings account or construction savings account for their little ones, one in four had to reduce the amount, according to a study by the comparison portal Durchblicker.
How much should the pocket money be? What is the best way to pay this out? And how do children learn to handle money responsibly? Krone+ answers all questions.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
