In general, people over 50 would give larger amounts of pocket money than younger people.
"To some extent, the responses probably reflect the differences in wealth between age groups," notes Thomas Salomaa, Senior Vice President, OP Uusimaa.
Weekly pocket money, account and a card help children learn financial skills
The survey suggests that people in Finland think it is important or very important to talk to children about money. Giving weekly pocket money – as well as getting children a bank account and a payment card – are good opportunities to start discussing money with children.
"Managing personal finances is a key life skill. What we learn in childhood and adolescence often stays with us long into adulthood," states Salomaa.
For small children, at least some pocket money should be given in cash to enable them to make minor purchases independently. Another tip is that when parents are shopping for groceries with children, they should discuss the prices of common food items such as bread or the kid's candy bar.
"It's important to emphasise responsible spending: buying what is needed and avoiding unnecessary purchases. This helps the child understand how far money goes," Salomaa stresses.
Getting a current account at a young age
According to OP Uusimaa's statistics, 76% of children under 12 years have a current account and 35% of those under 18 have a payment card.
"Opening an account for a child is convenient for saving purposes, for depositing gift money or as a method of learning money management. An account can be opened for a newborn, as soon as the child's name is in the Population Information System," Salomaa says.
As the child grows, it is advisable to gradually teach them to start monitoring their own account and paying with a card. At first, the child and parents can monitor the account together through digital banking services. The following step can be taken when the child is 7–14 years of age: getting the child a payment card linked to their current account and a personal user ID.
With a user ID for digital services, the child can monitor their account transactions and balance, and confirm payments online, in apps and services. With a card, the child can pay for their own expenses such as snacks, hobbies and bus tickets.
"We advise parents to set daily spending and withdrawal limits in advance for their children’s card use and accounts," says Salomaa.