Pocket money : French are changing habits

A GFK study made by Axa Investment Managers revealed that, in France, children receive on average 7.83 € pocket moneyFrom the Latin word moneta, nickname that was given by Romans to the goddess Juno because there was a minting workshop next to her temple. Money is any item that is generally accepted as payment for goods and services and repayment of debts, such as taxes, in a particular region, country or socio-economic context. Its onset dates back to the origins of humanity and its physical representation has taken on very varied forms until the appearance of metal coins. The banknote, a typical representati... More. This is 4 € less than stated four years ago, in another study by Fortuneo.

In the survey, France stands behind:

• Hong-Kong : 19.53 €
• Singapour : 15.79 €
• United Kingdom : 14.57 €
• Italy : 11.90 €
• Spain : 11.42 €

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.

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