Many Australians children are saving 30 per cent of their pocket money and they are saving for big-ticket items.
Many Australians children are saving 30 per cent of their pocket money and they are saving for big-ticket items.

The amount of pocket money to pay kids

GARDENING and washing the car are some of the most lucrative jobs kids are rolling up their sleeves for in exchange for some quick cash.

And many have their eye on the prize of some big-ticket items, including Lego sets, phones, tablets and watches.

Pocket-money tracking app RoosterMoney's latest Pocket Money Index quizzed 5000 Australian children aged four to 14 who use the app.

It found many kids choose to save about 30 per cent of their hard-earned cash to put towards big-ticket items.

The research found the top five chores for pulling in decent cash were gardening ($5.72), washing the car ($4.77), looking after pets ($4.56), washing windows ($3.65) and mopping the floor ($3.54.)

RoosterMoney chief executive officer Will Carmichael said engaging kids early about money and teaching them how to earn it gave them a "headstart".

"It's a massive opportunity to start cementing those habits," he said.

"Kids have amazing focus when they really want to get something and it's empowering, too."

A majority of parents (74 per cent) opt to give children a regular allowance and Saturday is the most common day kids rake in cash.

 

Money Savvy Kids founder Dianne Charman said paying kids for necessary everyday tasks such as brushing their teeth and making the bed did not prove as effective as giving them temporary chores.

"To keep their interest in their jobs give them a short time frame," she said.

"For example, if they are mopping the floor, is it something they can just do for the school holidays and not until they move out of home?"

CHILDREN ARE BECOMING SAVVY WITH THEIR CASH

Ms Charman said parents beginning to teach children about money should start with a regular amount of pocket money each week, then link it to chores down the track.

As for determining how much to hand over, Ms Charman said parents "should be very conservative".

"I've had some stories where parents have paid an hourly rate equivalent to a

16-year-old to a 10 or 13-year old," she said.

"This isn't going to work."

Ms Charman suggested allocating a financial value for each job given.

sophie.elsworth@news.com.au

@sophieelsworth



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