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Teaching kids in the new world of money.

May 17, 2022

Read Time: 1 minute, 245 words

Kit commissioned YouGov to survey of over 2,000 parents, guardians and caregivers of children aged 8-17 to understand how parents are teaching financial capabilty of their kids in the new world of money.

  • Half of parents (52%) claim their kid's financial literacy and capability is average, poor or terrible.
  • Over half of parents claim their children's attitudes to money need to improve in the following areas: how to budget (57%), how to save (56%), what spending to prioritise (55%), understanding the value of earning money through work or chores (52%).
  • 48% of parents actively avoid discussions with their children on financial topics, because money is tight (48%), limited knowledge (42%), should be taught in schools (40%).
  • 72% of parents are concerned about the influence of online games on their children's buying behaviour.
  • 49% of parents claim their children have spent their money without them knowing, with $179.31 being the average amount spent.
  • More than one quarter (28%) have racked up bills of $200-$499, without their parents knowing!
  • In-game credits (37%) and in-app purchases (33%) are the clear culprits for money spent without parents knowing.
  • 7 in 10 Aussie parents say they give their children pocket money.
  • Weekly pocket money averages to $12.04 per child, that’s $626 a year!
  • 77% of parents say their children are interested in learning about money. Top topics include the process of earning pocket money (58%), the importance of saving (51%), how to earn money as a social media or gaming influencer (29%).

Source: YouGov survey of over 2,000 parents, guardians and caregivers of children aged 8-17, commissioned by Kit.

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