Don’t spend it all at once!

DESPITE Spain’s continuing economic woes and high level of unemployment, it would appear that Spanish children are, at least, not being affected too much by the current economic climate. A recent survey shows that Spanish children are among the luckiest in Europe when it comes to how much pocket money they receive. 

Behind only Italy and France, Spanish children on average get one of the highest allowances in Europe. Forty one per cent of Spanish children aged between five and 15 pocket between €5 to €10 each week from their doting parents, and a fortunate 13.8 per cent of over-15-year-olds receive a whopping €50 or more every week.

According to the ‘Financial Empowerment in the Digital Age 2014’ survey carried out by the ING Group, three-quarters of Spanish children get a weekly allowance, with the majority of parents stressing that helping their children understand the value of money is the main reason for lining their little ones pockets each week. Eighty three per cent of parents stated that their children’s ability to manage their money has improved since receiving an allowance.

The majority of parents said that they only give their child money when they need it for a specific reason or as a reward for completing household chores.