This is an interesting article I came across in Marketing Mag! Apparently today's Aussie kids aged between 4 and 14 receive an average of $12.38 a week in pocket money or ïncome" My first thought.... that is so UNFAIR.... I got nothing until age 17 and even then shortly afterwards i had to "work" to get anything.

• Aussie kids aged 4-14 receive an average of $12.38 a week in pocket money, primarily spent on food, clothing, and going out.
• Children's activities have shifted indoors, with 68% using the internet every 2-3 days for gaming, homework, and social media.
• Brands like Lego, Milo, and Vegemite are popular among children, who also influence their parents' purchasing decisions.

Part of the survey showed that the money was not spent on fun things like toys but was spend on food, clothing and going out. 66% of these kids did not make any purchases online but a little under 1 in 3 children actually made a purchase online.... Im quite astounded at the rate these children grow up!

An interesting side aspect with this survey showed that Aussie kids are spending 15% less time outside and instead are doing stuff like reading homework and playing indoors. Other interesting habits of kids include:

• 68% Use Internet Every 2 to 3 days
• They log on to 1)Play Games 2)Do Homework 3)Access Facebook
• Most borrow phones and tablet computers from their parents
• Children has pester power. Skin Care & Hair products are more likely to be purchased when asked by children
• Brands have an impression on kids too. Lego Milo & Vegemite are the most popular amongst children.
• About the future - Kids want to travel own a fast car and want a degree. Meanwhile marriage and having kids as well as a high paying job is not high on the priority list for kids.

I thought this survey by Marketing Mag was simply hilarious and quite fascinating. We have always know that marketing to children is quite different to giving out promotional giveaways for adults and in our experience their preference for promotional items tend towards bright colours and toys.

Children's Responsible Spending:

By providing consistent guidance and setting a positive example, you can help instill healthy spending habits in your children that will last a lifetime.

• Start early: Introduce basic concepts of money and budgeting at a young age. Teach them the value of different coins and bills, and explain how money is earned, saved, and spent.

• Set a good example: Children learn by observing their parents and caregivers. Be mindful of your own spending habits and demonstrate responsible financial behavior.

• Give them an allowance: Providing kids with an allowance can help teach them about budgeting and making choices. Establish a set amount that they receive regularly, and encourage them to save, spend, or donate according to their needs and interests.

• Teach the importance of saving: Encourage your child to set aside a portion of their allowance or any money they receive as gifts for future expenses or goals. Help them understand the concept of delayed gratification and the benefits of saving.

• Involve them in family budgeting: Include your kids in discussions about household expenses and budgeting. This can help them understand the value of money and the importance of making informed decisions.

• Encourage comparison shopping: Teach your children to compare prices, read labels, and consider quality before making a purchase. This will help them become savvy shoppers and make better spending decisions.

• Discuss wants vs. needs: Help your child differentiate between items they want and items they need. Encourage them to prioritize their spending based on necessity and long-term value.

• Set spending limits: Establish boundaries for spending on specific items or categories, such as clothing, entertainment, or snacks. This will help your child learn to manage their money within certain constraints.

• Encourage charitable giving: Teach your children the importance of giving back to the community by donating a portion of their allowance to a charity or cause they care about.

• Review spending habits: Regularly discuss your child's spending decisions and habits with them. Offer praise for responsible choices and provide guidance on areas where they could improve.

Takeaway

The Marketing Mag survey provides valuable insights into the spending habits, preferences, and priorities of Aussie kids aged 4-14, highlighting their growing influence on purchasing decisions and the importance of marketing strategies tailored to this demographic.