Peck­ing or­der at the piggy bank

Townsville Bulletin - - NEWS - AN­THONY KEANE

YOUNGER sib­lings might be seen as more fun, but their big broth­ers and sis­ters win when it comes to money.

Re­search com­mis­sioned by Be­yond Bank Aus­tralia has found the oldest child is twice as likely to save more money than the youngest.

The Far­ley fam­ily il­lus­trates the find­ings nicely. Amelia, 7, vis­its the bank once a month to de­posit sav­ings whereas brother Lachie, 5, loses money.

“Amelia first clicked with the con­cept of sav­ing her money when she re­alised that she’d need money if she wanted to buy any­thing from the school can­teen,” mother Jodi Far­ley said.

“Lachie has been the com­plete op­po­site and re­lies on the gen­eros­ity of his sis­ter when lin­ing up at the school can­teen.

“Amelia also reg­u­larly counts her money to make sure it is all there, while no sooner have we given Lachie his pocket money than he seems to have lost it.”

Amelia said she did not want to spend all her money im­me­di­ately. “Nor­mally, what I do is save my money and then spend it when I have heaps of it,” she said. Be­yond Bank’s re­search

found 86 per cent of chil­dren did house­hold chores to earn pocket money. Al­most half of par­ents be­lieve $ 5 to $ 10 a week is the right amount to pay, and 83 per cent pay cash.

Be­yond Bank’s gen­eral man­ager cus­tomer ex­pe­ri­ence, Nick May, said it was eas­ier for chil­dren to un­der­stand money if they could see it.

“Older chil­dren tend to be more re­spon­si­ble, con­ser­va­tive and smarter about money and as you move down the peck­ing or­der, the ap­proach to sav­ings seems to shift,” he said. Mr May said par­ents could help chil­dren by in­clud­ing them in the bank­ing process.

“Take them into a branch, let them see how it works,” he said.

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