Friday 24 May 2019

Teens get €20 a week in pocket money despite cash squeeze on parents

Charlie Weston Personal Finance Editor

LARGE numbers of teenagers who get pocket money are receiving up to €20 a week.

Half of those in their teens are getting cash from the bank of mum and dad, despite a severe squeeze on household finances.

And clothes and phone credit are the most popular items for spending the money on, a new survey commissioned by the Irish League of Credit Unions (ILCU) has found.

The survey found around one-third of those between the ages of 13 and 19 get a handout from their parents of between €10 and €14 a week.

Another quarter of teenagers get between €20 and €25 every week from mum and dad.

More than half of the young people surveyed said they spent most of the money and saved a little. Less than one-third save most of the money, with a minority spending the lot.

For those who save, most are putting funds aside for third-level education, the survey undertaken by Youth Work Ireland and the credit union representative body found.

Nine out of 10 plan to go on to third-level education. However, 80pc are really worried about the cost. And eight out of 10 of those surveyed said that if they could not find a job after college they would emigrate.

A majority of young people are aware of the financial strain on the household finances, with most stating their family had been negatively impacted by the economic crisis.

When asked how much they believed the average person working in Ireland earned per year, a large number of respondents said €30,000 or less. And young people expect to be earning a similar amount when they enter the world of work.

Youth Work Ireland, a co-ordinating agency for youth services throughout the country, said the downturn was hitting the young along with other generations.

Michael McLoughlin of Youth Work Ireland said: "The finding that a large number of young people expect their future to be abroad should act as a wake-up call for decision makers.

"Overall, the survey indicates that now more than ever we need community-based supports for young people to help them develop and thrive in their own country."

President of the Irish League of Credit Unions, Jimmy Johnstone, said the need for credit unions to be able to supply affordable credit to people was more important than ever.

Irish Independent

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