Low-income children get more than well-off peers
KIDS in poorer households get more cash and toys than those from well-off families.
Smashing the “spoilt little rich kids” theory, data proves that parents bringing in less than $50,000 a year allocate a large part of their income to keeping the kids happy. AMP financial adviser Dianne Charman says: “If a household is struggling financially or perhaps there is only one parent, then I think there will be more emphasis on doing things together as a family to make sure children feel secure,” she said.
The Young Australians Survey shows that the average pocket money allocation to kids in low-income households is on average close to $15 per child a week. Those from homes earning more than $200,000 a year receive $10 on average a week.
The data collected from 4000 six to 13-yearolds by Roy Morgan reveals that half of the kids from richer homes say they put their money in the bank, compared with only one third in the lowest-income households.
The AMP NATSEM Cost of Kids report confirms high-income families spend the least on movie tickets, toys, dance lessons and zoo trips but allocate the largest part of their budget to children’s education.
Tania Usher has two girls. “… I prefer to buy gifts that are experiences. I want to create memories that will last forever … I don’t pay the kids to do everyday jobs… as that is part of life,” she said.