Saturday, September 5, 2009

Kids Pocket Money - 1980s vs 2009

During my childhood in 1980s, my parents no need to give me and other siblings pocket money. Because our small remote school don't have a canteen. Usually, we will bring food and drinks prepared by mum to school. And there is no shop nearby our school. The only way to spend money is to buy some sweets and other goodies from other schoolmates who brought these goodies and sell them at school. Occasionally my parents gave and other siblings pocket money when we followed them to the nearby town. And usually, when there are coins left in my father's pocket, he will empty it and give us all his coins. That time, my siblings and me didn't 'love' money that much. Probably because we don't see the important of money as everything we need, we have it. We didn't have a rich life but a very simple one.

Nowadays, things had changed quite a lot. I see my brother give my young niece (in Primary 3) RM1 as daily allowance. On top of that, my sister-in-law sends the food to her during her short break time. And I can tell, my niece is very smart. She saves most of her allowances and requested me to help her bank-in to her Public Bank Wise Account once every 2 months. When she wants some toys, candies or 'special' stationaires, she would nag for her mum to buy for her. Or sometimes, she will hint me to buy for her. Occasionally, my parents (her grandparents) and me give her some additional allowance when she scored good marks in her studies.

Things are almost the same with other nieces and newphews. All of them received daily allowance from their parents. And from what I heard, my nieces and nephews will also remind their parents for their daily allowances. My nieces and newphews also said that, some of their schoolmates receive between RM1-RM5 daily allowances, depend on their age and family background. Most of the allowances were spent stationaries, toys, cards and junk foods.

I see kids nowadays are very lucky compared to ten or twenty years ago. Modern kids with rich family background will always be at the advantage because their allowances will be always more than enough when compare to kids from the moderate family background. No matter what, we need to make sure that our kids value the money and know how to handle and manage money from young age. As how the way they manage their pocket money will shape their financial perception when they grow up.

2 comments:

  1. What you see is the work of inflation. Money value depreciate over time. Given a pack of nasi lemak that sold RM0.40 15-20 years ago now sell for RM1.20. The money value depreciated by whopping 66%! Of course this is just a simple example. Another measure is looking the property price, that's why people like to invest in property to beat inflation.

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  2. Hmm.. Yes :) I remember a can of coca cola is RM1 about 15 years ago, now it's RM1.80! Property is something quite new for me :p I hope to learn some from your resourceful blog 'Future Money' :) Keep posting!

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