ING has carried out a survey of the amount of pocket money children receive in different European countries.

The Pocket Money Index found that, on average, Dutch children receive less pocket money than kids in almost all other European countries surveyed, and is listed second last only to the Czech Republic.

Pocket money creates good habits

The survey was conducted in 13 European countries with about 1.000 respondents per country.

A report of the study, entitled "Learning young: Does getting pocket money teach savings habits for life?" found that children who receive pocket money have better saving habits, are better prepared to avoid debt and manage spending habits in later life.

ING Pocket Money Index 2014 - Average amount per week by age group (in euros)

Who receives the most pocket money?

Italian children top the list, receiving the highest amount of pocket money in Europe. On average, Bambini under 10 receive five euros per week, which then increases to 10 euros between ages 10 and 15, finally rising 30 euros a week for teens aged 15 and above.

Spain, France and Austria follow Italy as the countries with the most generous parents. Austrian teenagers aged 15 and over do particularly well, receiving around 35,25 euros a week, although they receive considerably less when under 10 years old.

Pocket money in the Netherlands

On average, until age five Dutch children receive 50 cents a week, this increases to 1,50 euros for ages five to 10, and then 5 euros for ages 10 to 15, and 12,50 euros for 15 years and above.

Pocket money a generation ago

Respondents across Europe were also questioned about how they give pocket money to their children, and how they received pocket money when young.

Dutch parents today are the least likely to give pocket money in Europe, with just 67 per cent giving pocket money to their kids. However, the same parents were the second-highest most likely recipients of pocket money, with 89 per cent receiving it, in their youth.

Across Europe, most parents (35 per cent) give pocket money on a regular basis, slightly more than parents who give pocket money when needed (33 per cent). Around 20 per cent of surveyed parents don’t give pocket money at all.

The survey found that pocket money habits are changing, with pocket money increasingly being deposited into children’s bank accounts, at around eight per cent, compared to three percent a generation ago.

Also, the reasons for which European children receive pocket money are changing, with only eight per cent earning pocket money for chores completed at home, compared with 12 per cent a generation ago. Giving pocket money as a reward for good results at school is an increasingly common reason cited by parents.

The main reason parents state for giving pocket money is to teach their children the value of money.