Of the 14,000 adults surveyed a clear majority said it was their job to teach their children how to deal with money. Parents in the lowest earning category (less than CHF 50,000 p.a.) placed greater emphasis on teaching their children than those it the highest income bracket of over CHF 200,000 p.a.
The most important lessons Swiss parents focus on conveying are that money is earned, we shouldn’t live beyond our means and that it isn’t the most important thing in life. 77% agreed that children should understand that money doesn’t grow on trees, 64% that one shouldn’t live beyond their means and 63% that money isn’t everything in life.
On average Swiss kids first receive pocket money at the age of 6. By 7 to 8 years of age the average amount saved was CHF 650. The average monthly amount at 6 is CHF 5. By 14 this rises to CHF 48. At 6 around 35% of kids get pocket money. By 14 the percentage rises to around 85%. In the earlier years between 5 and 7, boys (43%) are more likely to get it than girls (28%). By 14 the pocket money gender gap has narrowed: 84% girls, 85% boys.
When the results are broken down by linguistic region clear differences appear. 91% of parents in German-speaking Switzerland think financially educating the young is important. The same numbers in Italian-speaking (72%) and French-speaking Switzerland (62%) are far lower.
Between the ages of 5 and 7 German-speaking kids (41%) are far more likely to get pocket money than their French-speaking compatriots (11%). By 12 to 14 the gap shrinks. 89% of German-speaking youth are getting money from mum and dad while 72% of French speakers are. The amounts paid are roughly the same until age 11 however by 14 the regions diverge. In German-speaking Switzerland the average is CHF 48 compared to around CHF 28 in suisse romande.
Most Swiss parents use pocket money as leverage. 78% give it in return for helping out, 31% in return for good school grades and 26% for good behaviour. Attaching conditions to payment is higher in French-speaking Switzerland (61%) than it is in the German-speaking part (34%). Those on the political right (41%) are more likely to attach the money to performance than those on the left (25%).
50% of Swiss pocket money is put aside and by 12 to 14 years old the average amount saved is CHF 1,410. Parental and child saving objectives are quite different though. Parents put money aside for education and learning to drive. Children save to buy computers, scooters, lego and smartphones.