How pocket money has adapted to the digital age
This generation could be the last to know the thrill and discipline of waiting for the weekly pocket money in the form of a bundle of crumpled notes and warm coins.
In a world of apps, e-books and online games, more children than ever are asking for their weekly allowance digitally to fuel modern-day spending.
For many parents, pocket money has become a source of mild anxiety with the added complexity of the digital age: when should it start? How much to pay? Should it be in return for doing chores, or handed over with no strings attached?
According to the survey of more than 1000 parents for the Financial Planning Association of Australia’s Share the Dream: Raising the Invisible-Money Generation report, 28 per cent of Queensland parents are reluctant to discuss money with their kids for fear they will worry.
But for one Queensland family, digital pocket money is a fun, but also serious, business.
Kristy Robertson of Kenmore in Brisbane’s south-west says her eldest daughters Mackenna, 8, and Piper, 7, are paid 20¢ per chore for a range of tasks – from doing the dishes and feeding the dog, to making their beds and taking a shower.
The girls receive electronic coins directly onto their activity tracking watches, which are then converted into dollars.
These are then put onto their Spriggy bank cards via Mrs Robertson’s Spriggy app, which she says is a useful tool to help teach the children about money management.
Families pay a fee to use the service of $30 a year for each child.
It has a ‘tasks and chores’ feature that allows parents to set a daily schedule of things to be done. In the Robertson household, these are set up to include unpacking school bags, shoes away and lights out by 8.30pm.
As the girls complete each task, they are ticked off and the app automatically gives them a coin.
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