One in four Australian kids don’t have a savings account
Research reveals that kids who do save have an average of $251 in their accounts.
Learning good savings habits at a young age is key to future financial success. Despite this, new Westpac research has revealed that one quarter (24%) of Australian kids under 12 don’t have a savings account.
These kids will be envious to learn that 76% of their playground peers aged 6-13 do have savings, with an average of $251 in their accounts, according to Roy Morgan Research.
Survey results from finder.com.au have revealed that some lucky kids begin receiving pocket money before they start attending pre-school, with the average two-year-old pocketing $4.70 per week.
Interestingly, there doesn’t appear to be too much of a correlation between age and the amount of pocket money received, with the average two-year-old earning more than those aged three and four and the average six-year-old earning more than those aged seven, eight and nine.
However, it’s not how much money kids have saved that's important, but rather their understanding of the importance of saving. This life skill can easily be learned with a kids savings account.
“There can be significant long-term benefits for a child, regardless of your socio-economic status. It’s not about the value of the money," Ashley Gray, head of youth and millennial markets at Westpac said.
“Whether it’s physical cash or digital money is less important than learning the right behaviours,” said Mr Gray.
If you need help deciding which bank account is ideal for your child, compare kids bank accounts at finder.com.au.