Almost 90% of elementary school students save money


CNA

TAIPEI, Taiwan — Almost 90 percent of elementary school students in Taiwan save money, while 25 percent receive pocket money from their parents, a survey showed on Thursday.

According to the survey, 88 percent of respondents among local elementary school children said they saved money and 56 percent of those with their own savings so they can buy what they want in the future.

The survey was conducted by the government sponsored Taiwan Depository & Clearing Corp. and the non-profit Financial Literacy & Education Association (FINLEA).

The survey found that 70 percent of respondents were aware of the need to save money if they wanted to buy something for themselves in the future and almost 30 percent of the 70 percent said that they had spent more than six months saving for a single purchase.

Citing the survey, the FINLEA said that many elementary school students in Taiwan tended not to desire immediate gratification by buying candy. Instead, they are more inclined to save for more longer term objectives, the FINLEA added.

In addition to having their own savings, the survey said, some local elementary school children talk to their parents or other older family members when they wanted to buy something.

Some ask for a financial rewards from their parents if they receive good grades in exams, others directly ask their parents to buy things for them, the survey indicated.

According to the survey, 48 percent of respondents said they receive a financial reward if they perform well in exams, while 32 percent said they receive such a reward if they help their parents do housework. Meanwhile, 21 percent receive money on their birthday, the poll showed.

The survey indicated that 25 percent of respondents regularly receive pocket money with a weekly average at NT$153 (US$5.03) per person, up from NT$138 in a similar poll conducted a year earlier. FINLEA said that parents should teach their children how to manage money and spend it is a sensible manner.