Kids do chores to increase cash in savings accounts

Tuesday 06 October 2009

Article by Mozo

Aussie youngsters have to work for money to put in their savings accounts, according to new research.

The Bankwest Social Indicator Series revealed that 83 per cent of children receive pocket money for helping their parents around the house.

Other factors that kids are cashing in on include behaviour and good performance at school.

Some 58 per cent of mothers and fathers provide their offspring with money, with the average weekly amount being $10.68 – which could make a nice contribution to high interest savings.

In New South Wales, the average pocket money per week is $12.40, while South Australia’s figure stands at $8.70.

Meanwhile, some mums and dads admitted to stealing cash from their kids’ piggy bank, with 28 per cent of respondents confessing to pillaging their children’s savings for a variety of items, from litre of milk to a new air conditioner.

The Daily Telegraph reported this week that an increasing number of parents are choosing to pay for their children’s lunches with credit cards.

This article is brought to you by Mozo – Helping you compare savings accountsADNFCR-1761-ID-19395878-ADNFCR

Compare today's top savings accounts

Back to top