- 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.