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Austrian children get generous pocket money

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Austrian children get generous pocket money
Getting pocket money as a child may help you make better financial decisions as an adult. File photo: APA/dpa
11:08 CEST+02:00
Austrian children are some of the best off when it comes to getting pocket money from their parents. Children aged 15 and over get €35.25 a week, according to the study of more than 12,000 people conducted by the bank ING.

However, Italian parents are the most generous overall, giving their children aged 15 plus an average of €30 a week, and those aged five to ten €5 a week - more than Austrian children of the same age who get only €3.50.

French and Spanish parents are also more generous to their children in their early years.

The worse-off children include under-fives living in Holland, who receive just 50 cents a week. The most well-recompensed under-fives tend to live in Italy, where parents will fork out €5 on average.

The bank's research found that pocket money leads to better money management in adulthood, and that adults who received pocket money as a child were better able to save for retirement.

It said that 55 per cent of people who received pocket money as a child were able to regularly add to their savings, whereas just 45 per cent of people who didn't receive pocket money did so.

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