Children‘s pocket money is taking a hit as Aussie families feel the rising cost-of-living, new research has shown.
More than one in ten parents who completed Finder’s Parenting Report 2023 said they had cut their children’s pocket money in the past 12 months.
The average weekly allowance given to children aged 12 years and under came in at $8 – down from $10 a year ago, according to Finder research.
Children in NSW are the most fortunate with pocket money, getting $11 each week, the survey found.
Meanwhile, children in Victoria and Queensland get an average of $8 a week, while those in South Australia and Western Australia get $7.
Sarah Megginson, money expert at Finder and a mother of three, said families were curbing pocket money to cope with cost increases.
“Parents have less money to spend due to inflation and are having to rethink how they reward their kids for doing chores,” she said.
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“Some parents are having to turn to new ‘currencies’ like extra screen time to encourage youngsters to help around the house.”
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Almost two thirds of parents – 60 per cent – told Finder they only gave their children pocket money if they did chores.
The Finder survey of 1,033 Australian parents of children aged 12 years and under was completed in November 2022.
It found 73 per cent of parents had not changed the amount of pocket money they gave their children in the past year, while 16 per cent were giving their children more.
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