One-third of Czech children contribute to the cost of their school accessories from their pocket money, according to a poll conducted at the start of the school year by the STEM/MARK agency.
Children in the Czech Republic usually start receiving pocket money between the ages of six and eight and parents generally keep an eye on how the money is used. Forty-four percent of kids get their first pocket money at the age of six or seven, thirty-five percent between the age of eight and ten years. Ten percent of kids have their own finances between the age of 11 and 13 and another ten percent must wait for their 14th birthday.
Roughly 40 percent of 10-year-olds and 80 percent of 16-year-olds spend their pocket money with little or no interference from parents. Most parents say they use the concept of pocket money as a way of getting their children to understand the value of money, and the importance of earning, spending and saving it.
Many kids are made to earn and save up for things they want badly or at least contribute to the cost of something expensive from their own pocket money.
Children most often contribute to the purchase of electronics. 38 percent of them contribute at least in part to the cost of mobile phones or tablets they want. 34 percent contribute to the purchase of more expensive toys and, somewhat surprisingly, a third of children contribute to their school accessories. On the other hand, parents usually cover the cost sports equipment, to which only 17 percent of children contribute, and the cost of the child’s phone bill – to which 15 percent of children contribute.
Roughly 37% of parents say they give their children a general idea of how the family budget works at an early age so that children can understand that finances are limited and they cannot have everything they ask for. A fifth of teenagers polled said that, while they were given pocket money, they had no idea how their parents managed the family finances.