Weekly Teen Pocket Money Tops A Tenner
Surprisingly only 40% of 11 to 20 year olds now receive a consistent regular allowance or pocket money, however average pocket money for this group now tops a tenner at £11.37. This is according to research by Visa Prepaid CitizenCard, a new combined photo ID, proof of age and Prepaid Visa card run by the UK's leading proof of age scheme which launches today.
The study of 11 to 20 year olds shows that Mums and Dads are playing a key role in teaching young people the value of money, by incentivising them at home, as well as providing guidance that is sadly lacking in traditional education.
One in five of those surveyed do jobs around the house to supplement their allowance with an average £8.11 on offer, tipping their pocket money total to over twenty pounds. But girls are more work-wise, with nearly a quarter doing jobs at home to earn extra money as opposed to only 16% of boys. And at £8.26, they earn slightly more on average compared to the £7.85 boys make.
Today's youngsters are more confident in terms of managing money as well, with over four in five 11 to 20 year olds feeling they know the best ways to save and spend money. Which is good news considering that the majority of those surveyed feel that schools and colleges are still not catering sufficiently for their financial education, with 61% feeling that they either get no advice or not enough guidance about money matters there.
So it's the school of Mum and Dad doing the hard work, as 76% turn to parents for help, guidance or advice about money matters, with only 21% turning to a traditional bank. Surprisingly for the Facebook generation, only 28% search online as a primary source of help, guidance or advice about money, with 11% turning to a teacher.
Andrew Chevis, CEO of CitizenCard, said:
Young people need as much help and guidance on how to save and how to spend, and it's great news that parents have stepped up to provide advice and support. But of course there is always more that can be done, especially as our education system seems to be failing here.
We are confident our new Visa Prepaid CitizenCard is another step in ensuring that young people are confident when dealing with money. It's a simple, safe and secure way for kids to carry around money; which makes it easy for parents to keep allowances topped up and pay money earned for jobs around the house.
Tracey Bleakley, Chief Executive pfeg (Personal Finance Education Group), said:
Children and young people are having to make financial decisions much earlier on in their lives than their parents. Financial confidence is key in ensuring young people make the right decisions about spending and saving. pfeg welcomes the new VISA Prepaid CitizenCard initiative which will contribute to ensuring young people develop a healthy and responsible attitude to money.
Visa Prepaid CitizenCard is available to 12 year olds and above, within the UK. The chip and PIN secured card offers those looking for age verification one of the most trusted, safe, secure and easy ways to carry money and pay for items. The card carries the Government PASS mark (Proof of Age Standard Scheme) recognised as valid ID by the Home Office, the Scottish Government, the Police and Trading Standards and is approved by Visa.
The card displays the owner's date of birth, but also an ageband (12-15, 16-17, 18+, and 21+ cards) so it's easy to prove that users are young or old enough to access age-restricted goods and services. The actual card number also identifies whether a cardholder is over or under 18, giving it a new added level of security for retailers online, and provides reassurance to parents, with the under-18s card not working at age-restricted retailers, e.g. retailers serving alcohol or providing gambling services.
Paul Baxter, Chief Executive, NFRN (National Federation of Retail Newsagents) said:
NFRN believes the Visa Prepaid CitizenCard is a huge step forward for PASS Proof of Age. The Visa logo and hologram will add to the acceptance of the card as valid ID and the clear distinction between 12-15, 16-17 and 18+ cards will help our members to comply with the ever-stringent laws on underage sales. NFRN members also have a great opportunity to promote the cards to their customers.
CitizenCard has issued over 2 million proof of age cards in the last 13 years. For more details visit www.citizencard.com
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For more information, please contact:
| Victoria Bonner | Paula Figgett |
| Kaizo | Kaizo |
| 0203 176 4727 | 0203 176 4710 |
About the research
The research polled nearly 500 11-20 year olds in the UK during June 2012.
About Visa Prepaid CitizenCard
Visa Prepaid CitizenCard is Government-approved PASS (Proof of Age Standards Scheme) Accredited. CitizenCards are accepted as Home Office-recognised photo ID/proof of age nationwide at supermarkets, off-licences, newsagents, forecourts, pubs, clubs, gaming centres, cinemas, banks, airlines and in many other places.
CitizenCard is a non-profit company operated by: Association of Convenience Stores, Camelot, Co-operative Group, Experian, Ladbrokes, National Federation of Retail Newsagents, and the Tobacco Manufacturers Association.
