For the first time ever, we are thrilled to share with you the latest data related to pocket money and spending behavior of kids in Greece!
At Woli, we are passionate about promoting financial literacy among young people. We believe that by teaching kids basic financial skills and providing them with a platform to manage their pocket money, we can help them develop responsible financial habits that will benefit them in the long run. In this blog post, we will share some insights into kids’ pocket money and spending habits, based on data from our platform.
Monthly pocket money and shopping behavior
According to our data, the average monthly pocket money given to kids increased by 2% from the last quarter of 2022 to the first quarter of 2023. This may be due to factors such as seasonality or even parents’ willingness to give more money.
We have also found that kids typically spend their pocket money on things related to shopping, food and games.
We also found that boys receive, on average, 8% more pocket money than girls. This gender difference may be due to factors such as gender bias in parenting, boys being perceived as needing more money, or other social and cultural factors. However, we believe that it is important to give equal pocket money to boys and girls to promote gender equality and fairness.
Another interesting insight we found is that parents give an average reward of 2 EUR to their kids for every completed chore. This is a great way to encourage responsible behavior and teach kids the value of earning money. We have found that kids use their chore rewards in various ways, such as saving up for buying something they’ve been wanting for a long time such as new clothes or shoes, a new video game or saving money for their summer holidays.
Improving money management skills
In conclusion, understanding kids’ pocket money and spending habits is crucial for promoting responsible financial behavior. By using Woli’s platform, parents and guardians can empower their children to become financially responsible and make informed decisions about their money.
If you want to help your child develop good financial habits then join the Woli waiting list today and get up to 6 MONTHS FREE subscription once the new Woli app is live again!