RP kids’ spending power now in billions?
I was flipping over the pages of the Philippine Daily Inquirer today and this business headline caught my attention - “RP kids’ spending power now at P47B.” Wow. We hardly realize it but the kids are becoming a strong force in driving the local economy. Not only are they influential in the family’s purchasing decisions but they also have spending powers themselves out of their pocket money and gift money.
According to the article written by Daxim Lucas, Filipino children from age seven to 14 have increased their economic power over the last two years, from P37 billion in 2007 to P42 billion in 2008 and 2009. The figures, taken from a Cartoon Network survey results, revealed that “3.7 million kids in Metro Manila, Cebu, and Davao - the country’s three largest and most economically powerful cities - will hold a combined stash of pocket amounting to P34.7 billion for the entire year.” The report further says that Filipino children “hold an estimated P47 billion in spending power.”
With all this money, what do these kids spend on?
My 8-year-old daughter, just like any other kids, receives cash gifts too as well as pocket money to school but we closely monitor her expenses. As much as possible, we don’t let her touch her savings unless necessary. She keeps a Savings Account in Banco de Oro (BDO) and a few days ago, she was happy (but I was happier) that she received a BDO Rewards Card. *BDO individual clients with a Savings or Checking Account with a required minimum month-to-date average daily balance of P50,000 are automatically enrolled in the BDO Rewards Program. With this, we can earn points on our purchases and online transactions, even when paying bills using Bianca’s BDO cards. How’s that for both convenience and perks?
How do you teach your kids to save and spend wisely?
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