We recently conducted a major piece of research for the Commonwealth Bank Of Australia on the ‘Common Cents’ of young Australians’ financial literacy and knowledge.
We have an extract from the media release below, but if you wish to read the full article, please click here.
The report reveals two thirds (69 per cent) of primary school children in Australia receive pocket money, and 82 per cent of these are expected to complete tasks to earn their pocket money. This suggests parents are teaching kids the value of money and how to earn it; reflected in the 'earning' national score where Aussie kids' earning skills far outweighed the national overall financial literacy score, by 20 points. Additionally, parents' budgeting was found to be their strongest skillset - something that may not be passing down to their kids. Additionally, the national average pocket money for primary school kids has increased from $5.57 in 2014 to $5.70 in 2015.
Other key statistics include:
- Aussie kids think it's more important to save for things they want (49 per cent) over things they need (43 per cent).
- Two thirds of Aussie kids (68 per cent) like saving more than they like spending.
- Three quarters of kids (77 per cent) understand they can get more money from doing extra jobs around the house.
- Half of Aussie kids know what a budget is (50 per cent), whereas one in five (22 per cent) think a 'budget' is simply a sheet of paper with numbers on it.
- Children from households with less than $50,000 annual income score similar results (66 vs. 67) to those from families earning over $150,000 - and higher than kids from mid-income households.
To read the full article, published on the Commonwealth Bank website, feel free to visit it here: Commonwealth Bank of Australia : It’s Common Cents: Young Australians are eager earners and savvy spenders but could be better budgeters
About the study:
- Independent research carried out on behalf of Commonwealth Bank of Australia, by ACA Research.
- A total of 1,130 surveys completed among parents and their children aged 5-12 years.
- A quantitative online research methodology was used, with a 10-minute questionnaire for parents, and 5 minutes for children.
- National sample throughout Australia.
- The fieldwork was conducted between the 14th and 18th December 2015.
- Common Cents scores were calculated on a range from 0 to 100.
- The lowest individual child score was 6.6, and the highest was 100.The lowest individual parent score was 8.3 and the highest was 100.