Australian children aren’t just earning pocket money; they’re driving a significant economy. The Spriggy Economy Report FY25, based on insights from over 790,000 young Australians, reveals that kids now command a massive $623 million economy.
This generation is proving to be both financially engaged and socially conscious. In the last year, kids earned $286.3 million, growing their income a notable 11%, faster than both national wage rises and inflation. Even more encouraging: the gender pay gap is reversed, with girls earning $1.03 for every $1.00 earned by boys, a stark contrast to the adult workforce.
Beyond earning, they’re active savers and donors. Goals range from saving for family holidays (Japan topped the list) to viral trends (savings goals for Labubu plush toys surged 9,600%). Generosity is also on the rise, with young Australians donating and fundraising over $1.06 million, marking a 28% year-on-year increase.
As Spriggy Head of Finance, Jasmin Dayes, put it, “These results prove kids are far more engaged with money than many people realise… This is a generation that is both financially aware and socially conscious, which is something worth celebrating.”
Instilling Financial Confidence: The Three Piggy Banks Method
To support this financially aware generation, experts are advocating for early intervention in money education, noting that money habits are often formed by age seven.
Spriggy spokesperson and financial expert, Molly Benjamin, champions the Three Piggy Banks method as a simple yet powerful framework to teach kids confident money management. Each time a child receives money, it’s divided with intention into three categories:
- Saving: For bigger, longer-term goals that teach patience.
- Spending: For enjoying the “now” and learning to make smart everyday choices.
- Sharing: To encourage generosity and gratitude by supporting causes or people they care about.
Benjamin explains that this framework helps children connect effort with reward and money with meaning, adding that parents can easily implement it using envelopes, containers, or digital tools like Spriggy, which make “invisible money visible again.”
The method is easy to start and doesn’t require complex systems; simple containers, envelopes, or digital tools can be used. Consistency and conversation are key to implementation. Every time money is received, parents should sit down with their child and ask:
- How much should we save for our big goal?
- What can we spend on now?
- Who or what can we share with this month?
The focus is on building healthy habits through repetition, regardless of the amount of money.
To keep kids motivated, the interviewer suggests making progress visual, such as a vision board or savings tracker on the fridge, to provide a positive sense of achievement. Finally, language matters: parents should swap “We can’t afford that” for “We’re choosing to save for something more important” to associate money with empowerment and decision-making rather than restriction.
The interview discusses a finding from the Spriggy FY25 Economy Report, which showed that girls are earning slightly more than boys ($1.03 for every dollar), a temporary reversal of the adult gender pay gap. The challenge, however, is helping girls retain this confidence as they grow.
The gender pay gap can start at home, where girls are often more likely to do unpaid chores (cleaning, caring), while boys might be given more regular pocket money and control over spending.
To help girls maintain their financial confidence, parents can:
- Keep them involved: Let them take part in budgeting, goal-setting, and seeing where family money goes (bills, groceries) to normalise money talk.
- Use positive language: Ensure money is seen as a tool for freedom, choice, and control.
- Challenge stereotypes: Avoid dividing chores or pocket money along gender lines. Value effort and responsibility equally to build self-belief.
- Talk openly about investing: Go beyond saving. Use relatable examples to explain how investing helps money grow, even through small steps like micro-investing.
Ultimately, good money management is about behaviour and discipline, not the amount of money a person has. By having positive money conversations and using tools, parents can help their kids grow into adults who “know their worth and aren’t afraid to ask for it,” which is called one of the best legacies a parent can leave.
