The findings of a survey released on Friday show that while 57 percent of parents who have children aged between 7 and 12 said that they still give their children pocket money in cash, the remainder said that they give their kids pocket money via mobile payment apps.
The survey was jointly carried out between July and October last year by four community facilities run by the Macau General Union of Neighbourhood Associations (commonly known as Kai Fong in Cantonese), namely its community service centre in Areia Preta district, community centre in Iao Hon district, community centre in Mong Ha district, as well as Lok Chon Centre – a family service centre in Kai Fong’s headquarters in Toi San district.
A press conference about the survey’s findings was held at the Areia Preta community service centre.
The survey collected 813 valid questionnaires from local parents who have children aged between 7 and 12.
According to the press conference, the survey’s findings show that most of the respondents with children aged between 7 and 10 said that they still give their kids pocket money in cash. More specifically, only 25 percent of the respondents with children aged seven said that they give pocket money via mobile payment apps, while 38 percent of the respondents with kids aged 10 said that they give them their pocket money via payment apps.
However, for children aged 11 and 12, the number of the respondents giving their kids pocket money via mobile payment apps was higher than the number of those giving pocket money in cash, according to the findings.
More specifically, 71 percent of the respondents with children aged 12 said that they give pocket money via mobile payment apps.
The findings, according to the Kai Fong representatives hosting the press conference, indicate that parents are increasingly likely to switch to digital payments when giving their children pocket money as they grow older.
Moreover, the findings also show that 80 percent of the 813 respondents said that they discuss with their children how to use the pocket money.
The findings also show that over half of the parents said that if their children spend all their pocket money faster than planned, they would go through the expenses with them to see how they have spent it.
Some 60 percent of the parents, according to the findings, said they worried that the use of digital currency would undermine their children’s sense of the value of money, thereby leading to overspending. Children spending money in the form of digital currency rather than physical money are unlikely to feel strongly that their money is decreasing, the Kai Fong representatives hosting the press conference said.
The representatives suggested that parents give their children pocket money in cash during their primary school years to help them develop a tangible concept of money.
They also suggested that the government require local schools to provide their students with financial education.
Kai Fong representatives present the findings of the survey during Friday’s press conference at Kai Fong’s Areia Preta community service centre. – Photo courtesy of TDM
