Getting to know the spending/saving habits of the New GenerAsians
All set for school, kids? Notebooks? Check. Textbooks? Check. Pencils/ballpens/ruler/eraser? Check. Writing pads? Check. Etc. Oh, yes, who would forget their pocket money/allowance from their parents? No way!
Let me share with you some valuable findings from a survey by Cartoon Network that zeroed in on Filipino children’s school allowance (or what’s left of it or where it goes). The survey delved into the spending and saving habits of Filipino kids, aged seven to 14 years old (plus one parent), who were interviewed face to face. There was a total sample of 1,000 kids interviewed across Metro Manila, Cebu, and Davao. The kids come from socio-economic classes covering A, B, C, D. The survey was conducted by research company Ipsos from Feb. 25 to March 26, 2012.
First off, according to the Cartoon Network New Generations’ Philippine survey, the average allowance Filipino parents give their school children is P206 weekly (or P41.20 daily, based on a five-day school week). This shows a modest increase of five percent from 2009, when kids were receiving P197 per week (or P39.40 daily). The survey says that nine out of 10 kids (94 percent) regularly receive pocket money from their parents.
Going into details, the survey says:
• Generally, boys and girls receive the same amount of pocket money.
• Younger kids, aged seven and eight years old, get P155/week while teens, 13-14 years old, get more at P266/week (or P53.20/day).
• Kids in more affluent homes receive so much more: P366/week (or P73.20/day) in AB homes; P268/week (or P53.60/day) in cable/satellite homes.
But of course, these lucky kids don’t just get pocket money for school. On top of their allowance, they also receive an average of P1,969 yearly in the form of gift money. Kids in Manila receive the most (P214 pocket money/week plus P2,185 gift money per annum) while kids in Cebu receive the least (P143/week plus P905 gift money per annum).
And the total gross spending power of the 2.4 million kids represented by New Generations is: P28.4 billion (P24B from pocket money plus P4.4B from gift money).
And what do these kids do with their pocket money?
The survey says that 57 percent of the kids spend all of their pocket money while 87 percent spend at least half of it.
Half (51 percent) of the kids confess that not a single centavo is left of their allowance while 34 percent wisely stash away some money in a piggy bank and 11 percent judiciously give some to their parents to save for them.
A measly 14 percent of parents say they have opened a bank account for their children while a startling 61 percent of parents say they intend to do so in the next 12 months.
Other key findings of the survey:
• Kids and parents are in tune on what’s important.
• There’s an increasing focus on the active lifestyle, health/fitness.
• Environmental protection begins at home. Kids are already adopting green behaviors.
Cartoon Network’s “New GenerAsians” survey began in 1989. The surveys focus on the opinions, preferences, and lifestyles of kids in the Asia Pacific region. Since then, these have evolved into more in-depth studies of kids in selected countries.
This year marks the fifth Cartoon Network New Generations survey focused on the Philippines. Previous studies were conducted in 2003, 2005, 2007, and 2009.
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