The Economic Awareness, Knowledge and Pocket Money Practices of a Sample of UK Adolescents: A Study of Economic Socialisation and Economic Psychology

Abstract

179 male and female UK adolescents in full-time education, aged 16–18, answered open-ended questions about basic economics and closed questions about pocket money practices; pertinent background variables were also recorded. There was widespread ignorance about ‘interest rates' and ‘inflation’ and only 34% knew what the letters ‘APR’ stood for. The results suggest that greater education in economic competency is required. Pocket money practices may indeed have an influence on economic socialisation as those who received pocket money regularly during childhood were economically more competent at the age of 16–18. Adolescents in wealthier, middle class homes were more likely to receive pocket money regularly; payments to boys were more regular than to girls. Suggestions are made for further research.

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