Teen, raising out of pocket money?

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Depending on whether money is received or earned, young people do not view it in the same way. stock struggle

Many teenagers regularly receive small amounts from loved ones, which they spend most of the time in a friendly environment. This is what is commonly called “pocket money”. According to the Pixpay scale, which was created with a sample of 1,000 parents of teens in college and high school, 92% of French teens, from the age of 11, will get it when they enter college.

For 42% of them, this donation is regular, with an average of 30 euros per month. With age, the amount of pocket money increases. Between 10 and 12 years old, the average amount received is 18 euros for 26 euros for children aged 13-14, 37 euros for children aged 15-16 and 44 euros for children 17 and 12 years old. 18 years old.

Read also: One Click Money: A young Swiss man is unequal in front of their screens

However, pocket money use is still gender-based: the main spending component of 87% of girls is buying clothes, while that of video games for 78% of boys.

The piggy bank is finished!

80% of parents decide to give pocket money to their children in order to teach them the value of money, introduce them to budget management and give them financial independence. From an early age, kids even have access to a bank account as well as a dedicated app, or even a linked credit card.

Despite parents applauding the payment card for its practicality (55%) and its educational aspect (73%), only 26% of teens today have a card in their name. How do you spend the 21stAnd Century, immaterial, can it contribute to the process of adolescent economic socialization?

Since the Covid-19 health crisis, 32% of teens have reduced their store visits, while 27% have increased their online purchases. Having a bank account becomes very interesting for teenagers in such a configuration. Including bank cards, checking accounts and modern mobile applications at low rates, the new bank offers, newly launched on the market – Freedom (formerly Kador, in Boursorama), Xaalys, Pixpay or even Kard – are exclusively aimed at young people from 10 years old.

Some are even going as far as to develop a connected wallet, such as Money Walkie, which is an e-wallet recharged via an app that allows a child/teen to incur small expenses at merchants.

At a time when cash is doomed to disappear for the birth of a “cashless” society, the virtual wallet emerges as a means to contribute to the process of adolescents’ socioeconomic socialization, through the experience of budget management. , even stored by default, and have deeper discussions with parents about financial education.

symbolic role

Money is not only a medium of exchange, it also has an important symbolic role. So what does money mean to a teenager?

A study of 510 French and American adolescents (233 boys and 277 girls, ages 12-18) and published in French Marketing Reviewevaluated adolescents’ representations on the topic and demonstrated the presence of four main symbolic meanings of money: status, anxiety, fulfillment, and security.

Worker the condition It is defined as the tendency to perceive money as a sign of prestige. L ‘completion It also measures the tendency to view money as a sign of success, but more from a self-actualization perspective. The dimension Safety It represents the desire for protection that money inspires in the face of future uncertainty. The dimension worry It refers to the idea that money, especially a lack of money, can be a concern for a teen.

The results only highlighted the positive effect of age on money anxiety. Thus, as he transitions to high school, the teen realizes that the money in his possession no longer necessarily secures his future. He also begins to carry out paid activities (inside and outside the domestic sphere) and realizes that any salary must be earned. Thus, the origin of money (donation in exchange for gain) plays an important role in the perception of money as a means of achievement, or to claim a social status or concern.

Earning money himself, through paid activities, is a way for teens to satisfy their consumer needs or desires, while allowing parents to fulfill their educational duty: to teach the meaning of life. It also allows the teen to see money as a source of self-fulfillment, while the fact of relying on pocket money can fuel fear of a lack of resources.

Consumption Strategies

These perceptions of money (as a source of self-fulfillment, status, safety, or anxiety) allow us to better understand the different consumption strategies adopted by adolescents: the ability to research suitable prices, brand preference, search for novelty, the ability to research information before buying, Consult a peer group before purchasing.

The analysis of the results showed that there is a significant and positive relationship between the dimensions of safety/anxiety and the ability to search for favorable prices, as well as the dimensions of self-actualization/status and brand preference in addition to the novelty of the research.

In other words, adolescents, who see money as a source of security, tend to spend according to a logic they consider rational, and the first rule is not to spend beyond their means. In order to meet this requirement, the strategies are multiple: search for the best price or obtain information before buying.

Conversely, adolescents, who represent money as a source of self-realization or social status, seek to satisfy their need for social differentiation (i.e. seeking novelty) and social approval (i.e. seeking social support before buying, and the importance given to brands).

The original version of this article was published on The Conversation, a non-profit news site dedicated to exchanging ideas between academic experts and the general public.

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