Learned young, done old: how do children handle money?

Today marks the start of Money Week. This themed week is intended to teach children how to manage money. According to the initiator Wijzer in Geldzaken, you can never start too early with this. Therefore, many primary schools are organizing various activities this week centered around the theme of money, but there is also an important role for parents.

In the context of Money Week – which takes place this year from March 12 to 16 – Wijzer in Geldzaken asked 1,000 children in the Netherlands from grades 5 to 8 about their finances. We have summarized some results for you.

Vlogging influences children
Vlogging is a phenomenon we can no longer ignore. Especially children are online daily to watch the latest vlogs from their favorite vloggers. Sometimes harmless, but vloggers are also regularly paid to sell products. This sponsorship has an effect: research by Wijzer in Geldzaken shows that one in six children has bought something after watching a vlog. However, friends and watching advertisements still have the most influence on the children's purchasing behavior.

How do children get their money?
Eight out of ten children receive pocket money from their parents. The amount varies by age. Children in grade 5 receive an average of €6.80 per month, while children in grade 8 receive an average of €11.10 per month. Sometimes this is given in cash, but for older children, this money is also deposited into their bank accounts. Additionally, children regularly do small jobs for money. However, they receive a bit more than a "heitje" or 25 cents. Children in grade 5 earn about €1.60 for walking the dog, doing groceries, or washing the car. Children in grade 8 earn an average of €2.70 per chore.

Role of the parents
Although many schools pay attention to financial matters, according to research by Wijzer in Geldzaken, children discuss their finances most with their parents. In 91% of cases, money is discussed at home. Generally, children are allowed to choose what they spend their money on. Pocket money is usually spent on toys, candy, and computer games. Does money make you happy? A quarter of the surveyed children think so, but fortunately, friends are more important than money: the majority of children indicate they would rather have three good friends than €1,000.

Money Week
Would you like to know more about Money Week? On the websiteof Wijzer in Geldzaken, you can read more.