Sibling savings: Older brothers and sisters are better with money

Sunday, 16 July 2017, 10:44:38 PM. YOUNGER siblings might be seen as more fun, but their big brothers and sisters are winning when it comes to money.
Research commissioned by Beyond Bank Australia has found that the oldest child is twice as likely to save more money than the youngest child. The Farley family illustrates the findings nicely, with seven-year-old Amelia visiting the bank once a month to deposit savings while brother Lachie, five, loses money. “Amelia first clicked with the concept of saving her money when she started school and realised that she’d need money if she wanted to buy anything from the school canteen,” said Amelia’s mother, Jodi Farley. REVEALED: How to create junior investors “Lachie our youngest, has been the complete opposite and relies on the generosity of his sister when lining up at the school canteen,” she said. “Amelia also regularly counts her money to make sure it is all there, while no sooner have we given Lachie his pocket money he seems to have lost it.” Amelia Farley, 7, saves more than little brother Lachie, 5. Picture: AAP/Russell MillardSource:News Limited Amelia said she did not want to spend all her money immediately. “Normally, what I do is save my money and then spend it when I have heaps of it,” she said. The Beyond Bank research found that 86 per cent of children did household chores to earn pocket money. Almost half of parents believe $5 to $10 a week is the right amount to pay, and 83 per cent pay it in cash. Beyond Bank’s general manager customer experience, Nick May, said it was easier for children to understand money if they could see it. “Older children tend to be more...Read more
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