Media release ,  27.12.2024

Generali survey: Eight-year-olds get an average of CHF 10 of pocket money per month

• One third of Swiss children between the ages of six and twelve do not get any pocket money.
• The amounts given depend on children’s ages and school year. On average, children in French-speaking Switzerland get four francs more than their German-speaking counterparts.
• Most parents give their children free rein with regard to spending their pocket money.
• When it comes to saving for the future, grandparents also play a key role

Adliswil – A survey by Generali Switzerland has shown that 67% of Swiss children between the ages of six and twelve are given pocket money. One third (33%) of children do not get any pocket money, with this figure being higher the younger they are. In addition to querying the amount of children’s pocket money and what they use it for, the survey also focussed on how parents financially provide for and protect their children’s future.

No gender pay gap: pocket money amounts depend on age and region

The older the child, the more pocket money they get. Six-year-olds are given CHF 8 per month, eight-year-olds CHF 10, and for twelve-year-olds this increases to CHF 28. It is worth noting in this regard that, for the youngest in our society, there is no gender pay gap (yet). Both boys and girls across all age groups get around CHF 20 per month. Another interesting finding is that parents in the French-speaking regions of Switzerland tend to be slightly more generous with their pocket money and, at CHF 20, give their children around CHF 4 more than their German-speaking counterparts. 

Pocket money amounts depend on age and school year – and can be bumped up

Pocket money amounts primarily depend on a child’s age (41%) and school year (30%). However, good behaviour (24%), helping with household chores (23%) and school performance (19%) can help to bump it up a little more.

Majority of parents see pocket money as a tool for teaching financial literacy and responsibility

The top reasons for giving pocket money are teaching children how to manage money (78%) and helping them to develop independence (62%). Nearly half of all parents also want their children to be in a position to exercise agency.

Majority for free rein on spending

The majority of parents (51%) allow their children to spend their pocket money however they want to. 28% discuss how it is spent with their children. A quarter of parents want their children to save part of their pocket money.

Providing for the future from an early age: 74% of parents and 42% of grandparents put money aside for children

74% of parents regularly pay into an account or similar to build savings for their children. 59% do so from when their child is born, and 15% start at a later stage to provide for their children's financial future. Most parents anticipate continuing to save for their children until they are 18. These savings tend to average CHF 1000 per year and child. More than half intend to make these savings available to their children to do with as they please.

In an impressive 42% of cases, grandparents are also contributing to children's financial provision alongside their parents, thus helping to build up savings over periods of many years. This means that grandparents play an important role not only when it comes to childcare, but also in terms of financial security.

82% of parents pay into a savings account; only 11% take out whole life insurance.

Even though their interest rates are low, traditional savings accounts are still at the top of the list of how parents build savings for their children and are used by 82%. A smaller percentage invests money in exchange-traded index fund savings plans (ETF) or funds (13%). Only 11% have taken out whole life insurance for their children. This is despite the fact that this option has significant advantages for building capital and for the entire family’s financial security.

Rolf Magnani, Director Retail Life at Generali: “Unlike a normal savings account, the insurance plan for children has the advantage of allowing parents to save up capital for their children while also protecting themselves against the financial fallout of illness or accident.” 

The survey is based on the responses of 521 parents with 800 children between the ages of six and twelve. It is representative in terms of age, region and gender. The survey was conducted between 11 and 19 October 2024.