A GFK study made by Axa Investment Managers revealed that, in France, children receive on average 7.83 € pocket money. This is 4 € less than stated four years ago, in another study by Fortuneo.
In the survey, France stands behind:
In France, 79% of children are given money on birthdays and Christmas, 63% get pocket money and 37% earn it doing some chores.
Why is pocket money decreasing? Besides the state of the economy, one of the reasons is that nowadays, 52% of children aged 8-15 years would rather receive gift money than an actual present.
Some people regret the drop of pocket money [article in French]. Djamila Ibanez, financial welfare coach, says that “the piggy bank has an educational function: it teaches children what having a budget means and empowers them”. Managing banknotes and coins can also help children with mathematics, a study by Western Sydney University found. In fact, children seem to be aware that running out of money is a reality: 85 % consider that sparing money is good and 74% check their savings regularly. At the end of the day, it’s the parents that could actually be losing out: “Giving 20€ or 30€ here and there could end up being more onerous than giving fixed amount on a regular basis” says Djamila Ibanez.
But kids are still kids – and that hasn’t changed. Indeed, although they are aware of the benefits of saving, their primary objective is still buying candy, clothes and toys.