We have already completed the first half of 2024. A first half that for us at Woli was full of incredibly useful information about how parents give money to their children and about children’s spending habits. Today we’re pleased to share with you some key trends we’ve noticed!
Today we are pleased to share some key trends we have noticed!
How much allowance should I give my child?
It’s the question on most – if not all – parents’ minds.
The allowance that each parent will give their child depends on the needs of each family and the age of the child.
From our data we see that for the first 6 months of 2024, children using Woli cards received an average allowance of €61.7/month. As we can see from the tables below, the amount differs both by age and gender. Boys receive €4.67 more pocket money than girls, and as expected, as children get older, the amount of pocket money they receive from their parents increases.
Where do children spend their pocket money?
Through the data we have collected, we have seen that children make an average of 9.2 transactions per month, in physical and online stores. But who are the most popular retailers?
efood is first in preference among all children, while both boys and girls shop through Skroutz.
Do children save money?
Saving is one of the key principles we want to communicate to children using Woli. And we’re proud that in just 6 months 15% of children are using Woli’s Money Goals service, which helps them learn how to save money to achieve goals, a skill valuable for their adult lives.
Of the pocket money received in the 1st half of the year, children saved 12%, with their main goal being to travel abroad and the most popular destination being Paris!
A semester of hard work!
To help children achieve their savings goals, we have created the “Tasks” feature within the woli app. Through this feature, parents assign small tasks to their kids for a small reward, helping kids learn the relationship between work and reward and of course, complete their savings goals faster.
For the first 6 months of 2024, we observed that almost 20% of children use the service, and on average their parents reward them with €2.24 for each task they complete.
After analysing all the tasks that parents assigned to their children, we found the most popular.
We are looking forward to a strong 2nd semester!
The journey in the world of money is long, complex and takes a lifetime!
We are very happy to see Woli children and their parents increasingly using the educational features of the Woli app such as Money Goals, Tasks and Financial Quizzes, helping their children take control of their financial future!
