According to ING International Survey, pocket money boosts money management skills in adulthood!

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And the results of the survey show that Luxembourg residents understood that very well ..

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08/09/2014 |
  • ING

Allowing children some element of financial control may be one way to help them realise the value of money and build basic budgeting skills. which will help prepare them for financial independence when they leave home. At ING Luxembourg we realise how important this is for the younger generations and we have launched a wide range of accounts and packages tailormade to their needs

Luc Verbeken, CEO ING Luxembourg

Children who receive pocket money are more likely to develop strong financial planning skills in later life and are much less likely to be in debt, according to the last "ING International Survey (115)" study conducted among 12,000 consumers in 13 countries across Europe.

The study found that those who received pocket money as a child exercise more control over their spending than those who didn't - and are also less likely to be overdrawn. They are also more likely to save money.

More likely to save and self-sufficient
Indeed, more than half (55%) of people who received pocket money as a child regularly add to their savings, compared to 45% of those who didn't. Adults who received pocket money as a child are more likely to plan for the future and tuck money away for their retirement, suggesting that pocket money can help people develop long-term financial planning skills.

Today's parents also recognise the benefits of allowing their children to receive pocket money. Almost three quarters (70%) of parents who allow their children a small allowance feel more confident about them becoming self-sufficient once they leave home and 83% believe it has helped them realise the value of money.

As a result, today more than three quarters (79%) of consumers across Europe now give their children pocket money. Across the territories surveyed, Turkish parents are most likely to give pocket money with 95% giving their child an allowance compared to 67% of parents in the Netherlands, making them bottom of the league.

What about the Grand Duchy?
The Grand-Duchy ranks in the Top 5 with a score of 82%, behind Turkey (95%), Romania (92%) and the United Kingdom (86%). Looking at the figures more in details, it is clear that for the age categories "10 to 15" and "over 15", the median amount given by Luxembourg residents is by far the highest for the "over 15" category.

Luc Verbeken, CEO ING Luxembourg, commented these results: "Allowing children some element of financial control may be one way to help them realise the value of money and build basic budgeting skills. which will help prepare them for financial independence when they leave home. At ING Luxembourg we realise how important this is for the younger generations and we have launched a wide range of accounts and packages tailormade to their needs."

The objective of ING International Survey is to gain a better understanding of customers' needs and expectations.

ING International Survey focused on financial education (and specifically on pocket money), after several studies dedicated to topics like savings, pensions in Europe, residential real estate or financial behaviour, mobile banking and social media.

This lIS polled 12,000 people in 13 countries in Europe.

In order to get more information about ING International Survey, please consult the "lIS" section of the www.ezonomics.com lnternet site.

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