The ‘Bank of Mum and Dad’ hands out more than $368 million during the Christmas holidays. Picture: iStock
The ‘Bank of Mum and Dad’ hands out more than $368 million during the Christmas holidays. Picture: iStock

Aussie kids scored $1.1b these holidays

AUSSIE kids have been raking it in these holidays, thanks largely to the "Bank of Mum and Dad".

New research from the Commonwealth Bank has found kids aged between five and 17 received $1.1 billion during the six-week summer school holidays, with more than $368 million coming directly from their parents.

According to the research, 22 per cent of the $368 million came in the form of handouts, with six per cent given as pocket money and a further six per cent received as payment for doing chores at home.

The average kid collected $509 over the holidays through Christmas gifts (73 per cent) and handouts from their parents (72 per cent), while around 58 per cent were required to do jobs around the house to earn cash, 45 per cent dipped into their savings, and 42 per cent continued to receive pocket money.

The most lucrative windfalls came from part-time work, with 65 per cent of teens aged 16-18 working over the summer.

But for younger kids, Christmas card envelopes brought in an average of $137, compared to $111 from handouts from parents.

So what are they spending all that easy money on?

A staggering 55 per cent of kids spend their cash on sweets and lollies, compared with 58 per cent on activities such as movie visits and just 14 per cent on sports and 21 per cent on books.

Shopping for clothes was a hit, with 54 per cent of girls and 39 per cent of boys spending their money on fashion, compared with 36 per cent of boys and 21 per cent of girls splashing out on video games.

Unsurprisingly, the bank's "Cost of the Summer Holidays" report has found the holidays can place financial pressure on parents who find themselves shelling out for extra school holiday activities for their offspring.

The research found kids asked their parents for money around 1.3 times per week during the break, with almost half of parents finding the financial burden of the holidays stressful.

And around 42 per cent of families had a designated school holiday budget.

"The long, hot days of the summer holidays offer kids the chance to enjoy some well-earned time out from school. But keeping kids entertained doesn't always come for free and, for many families, the financial burden of funding extra activities, on top of taking time off from work, can be stressful," Irene Rowlands, General Manager, School Banking and Youth said.

"With two weeks to go, there's still time to ease the financial load off your mind. Set up a summer budget, opt for low cost or discounted family activities, and keep a track of your spending using handy personal finance apps.

"Given the influx of cash kids receive over the Christmas break, the summer holidays are also the ideal time to talk to your children about managing their money and establishing good savings habits."

alexis.carey@news.com.au



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