Kids’ pocket money sees six times increase
As per a study by Assocham, with the rise in income level of parents, pocket money of kids rose from Rs 300 to Rs 1,800 during the last ten years.
With the rise in income level of parents, pocket money of schoolchildren rose by about six times from Rs 300 per month to Rs 1,800 per month during the last ten years, a study by industry body Assocham said.
In its study, ‘Trends of Pocket Money in Urban Areas’, Assocham said the spending habits of children, under the age group of 10-17 years, have evolved due to technological revolutions and changing eating habits.
Of the 2,500 children respondents living in urban areas, majority spend their pocket money on fast food, soft drinks, clothing, gift articles, mobile recharge coupons, chocolates, cosmetics, magazines, computer games and movies, it said.
“The children receive a hefty amount as parents choose to spend a part of their income on children without questioning them,” Assocham Secretary General DS Rawat said. He said the school children have different spending habits and tastes compared to their counterparts ten years ago. At present, children spend about 73 per cent of the pocket money on sweets and chocolates, while 63 per cent of it is spent on drinks.
“Children should have the realisation that parents are toiling hard for their education and well-being and hence money should be handled with a reasonable amount of prudence,” Rawat added. He said pocket money of 24 per cent children increase once a year.
The rise in pocket money depends on occasions like birthdays and examination results as well as gender and age, the study said. Kids in the age group of 15-17 years, receive an average salary of Rs 350 per week compared to Rs 200 of 12-15 years children.
“Older children are also more likely to get weekly pocket money than the younger children,” he added.