Every ninth parent allocates more than 10 thousand rubles for pocket expenses to their child every month

Every ninth parent allocates more than 10 thousand rubles monthly to their child for pocket expenses, according to a survey of Renaissance Insurance Group (MOEX: RENI) analysts among 1,098 Russians from large cities. Lenta.ru reviewed the results of the study.

Every third parent allocates up to 3 thousand rubles a month for pocket expenses for a school-age child, 35 percent of parents allow their children to independently manage amounts from 3 to 5 thousand rubles, and every fourth (28 percent) transfers an amount of at least 5 thousand rubles.

At the same time, over a third (39 percent) of respondents believe that a child has the right to manage his own savings from the age of 16-17, and according to a fifth, only after reaching adulthood. In every fifth family, children can decide the fate of personal savings from the age of 14-15, in 9 percent of respondents - from the age of 10-13, and every ninth parent believes that a child is able to make decisions about saved money only after they have their own stable income or finish their studies.

According to respondents, their children regularly (34 percent) or periodically (44 percent) replenish their own piggy banks. Most often (77 percent), parents help save, but every eighth child (12 percent) of respondents also supplements their savings thanks to their parents’ brothers and sisters, and for 11 percent, their grandparents.

Parents were also asked to answer the question of what they would do if their child received a large sum of money. It turned out that only 38 percent of parents would allow their children to dispose of it at their own discretion. Almost a third (32 percent) will insist that the entire amount must be put into savings, and every eighth (13 percent) will distribute the funds for things necessary for the child, including equipment or clothing. Another 9 percent would consider it appropriate to spend such a gift on a child’s education, and 8 percent would consider sending it to an investment account.