Australian boys save money better than girls

Peter Terlato 26 October 2016

boys girls saving piggybank money

The average Aussie kid has $251 stashed away.

Aussie kids are great savers, especially boys. The latest research reveals more than three quarters of children aged 6-13 have money tucked away for a rainy day.

Roy Morgan's Young Australians Survey found 76% of kids aged 6-13 have an average $251 saved.

Generally, boys accumulate more savings than girls. This may be due to the fact that the average Aussie boy aged 6-13 receives $6 pocket money each week, while girls get just $5.20.

Boys are also slightly more likely to receive higher-value cash Christmas and birthday presents.

The only time girls may have more cash saved than boys is among the 6-7 year-old age bracket. Beyond this period, boys hold the higher balances.

Australian children's savings patterns have improved over time, with kids in 2016 saving an average $31 more than those in 2008. The average boy's savings increased 15% from $228 to $263, while girl's saved 12% more, from $211 to $234.

84% of children from well-off socio-economic backgrounds have an average savings balance of $304, while 16% have more than $1,000 hidden away.

Comparatively, just 67% of kids from less affluent families have roughly 43% less in savings ($176) but surprisingly, around 11% have balances of more than $1,000.

Gender can have a huge impact on our financial decision-making processes. While women are closing the gap on retirement funds, men in the Australian workforce remain neglectful of the gender pay gap.

You don't have to be a child to be sponging off your parents. Give your children the best chance at financial stability by starting them with a kids high interest savings account.

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Picture: Shutterstock

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