Data from family finance fintech startup Spriggy revealed a 7-year old earns roughly $6.50 a week in pocket money while a 12-year old earns nearly $10.

Spriggy offers a mobile app that both parents and kids can use to distribute pocket money, set savings goals, make purchases, and learn about financial wellbeing.

The data shows that tidying their bedroom, making the bed, and emptying the dishwasher are the top three jobs kids are completing each day to earn pocket money.

Spriggy Product Manager Alice Brennan said financial literacy needs to be taught at a young age as it’s a strong predictor of future wealth.

“The data shows that the gender pay gap on the Spriggy platform is reversed. Girls earn an average of 17 cents more than boys per pocket money payment,” Ms Brennan said.

“We also found that girls complete around 12% more jobs than boys which suggests that girls are more engaged in earning, spending, and saving at a young age.

“Working for pocket money promotes an entrepreneurial mindset, teaches kids the value of money, and helps build strong financial literacy during what are very formative years.”

Age Average Pocket Money 2022
7 $6.50
8 $6.80
9 $7.00
10 $7.60
11 $8.25
12 $9.75
13 $11.00
14 $12.05

State-by-state pocket money breakdown

Kids in NSW, on average, earn the most pocket money each week at $8.80.

This is 90 cents more than those in South Australia and Tasmania.

State Averages Age 7-14
NSW $8.80
QLD $8.50
SA $7.90
VIC $8.50
WA $8.50
TAS $7.90

“Our research shows Australians want to have more control of their money every day,” said Kylie Young, NAB Executive Everyday Banking Experience.

“This extends to parents teaching their kids about money management, particularly with more and more Australians making payments and managing their money digitally.

“Our investment in Spriggy is a reflection of how important we believe it is for kids to learn great money management skills in a digital world.”

See Also: High interest savings accounts for kids and children

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