Bankwest kids piggy bank report

financial indicator series

06 October 2009

The survey conducted nationally of 1,092 Australians across all age groups and educational and professional backgrounds revealed that 28 per cent of parents admitted to pinching money from their child's money box to pay for anything from a litre of milk to funding a new air conditioner.

The latest research in the Bankwest Social Indicator Series showed on a brighter note, that 58 per cent of parents give their kids pocket money, with the average amount totalling $10.68 per week. NSW kids are Australia's best paid at $12.40 a week while South Australian youngsters struggle to get by on $8.70.

Nearly three out of four parents set conditions for pocket money (74 per cent) - the most common being performing chores around the house (83 per cent); good behaviour (50 per cent) and good school performance (20 per cent).

Other interesting facts detailed in the Piggy Bank facts:

Spending pocket money:

  • 53% of parents closely monitor what their kids spend pocket money on.
  • 3% have no idea what kids spend pocket money on.
  • 68% of kids spend their pocket money on games or toys.
  • 47% of kids spend their pocket money on food or sweets.
  • 34% of kids spend their pocket money on entertainment.

Chores performed to earn pocket money:

1. Tidy room (86%)
2. Make bed (67%)
3. Clean kitchen (57%)
4. Feed pets (43%)
5. Fold washing (25%)
6. Vacuum/ sweep floor (25%)
7. Wash car (15%)

Download a copy of the full report and a breakdown on each state below:

-Ends-

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