25 euros per week, the average pay received by a Spanish child
A classic in all families is the weekly pay. That small salary that the youngest of the house receive and that teaches them to learn the value of money knowing how to administer this allocation in the face of their little whims. A new study conducted by Junior Achievement Foundation Spain Y MetLife has wanted to deepen in this matter and to verify what use the youths give to this retribution.
Pay 25 euros
According to this study, minors in Spain they begin to receive their first pay with entry into Primary Education. It is between 7 and 8 years when children get an economic allowance periodically. At these ages the usual thing is that the amount per week is around 12 euros on average, a money with which they begin to catch the first notions of administration.
Towards the 11 years This money begins to increase and reaches 25 euros per week among teenagers. The periodicity with which they receive this money remains the same as in Primary: on a weekly basis. And what do young people do with this amount that amounts to almost 100 euros per month? This study has also looked at it.
Savings in 83% of cases
Among young Spaniards, the importance of saving is deeply ingrained. 83% of those who receive 25 euros per week allocate part of this compensation to have an amount of money to future expenses. Something that clashes with the claim that has most of these and claims not to know what you spend of this retribution.
That is, most young people know that saving is important, although they do not keep a fixed amount when they do not keep accounts about their income and expenses. Those responsible for this study believe that this is because this savings will surely be a recommendation of parents more than an initiative of those who receive this weekly pay.
These are some tips to instill the idea of saving in children:
- Explain the difference between what is necessary and what is considered a whim so that they know what is an expense that is worthwhile or better to save for the future.
- Give them a piggy bank and explain that all the money they put there will allow them to buy something of great value in the future.
- Play with them in experiences where money is important to make them understand the value of this. Be careful not to make them fall into the error that this is the only thing that matters.
- Establish short-term objectives that, if achieved, may involve the delivery of an extra.
- Give example and not be constantly spending money on unnecessary things.
Damián Montero
