Aussie kids receive '$1 billion' in summer holiday pocket money

Australian kids received more than $1 billion in spending money this school holidays, according to new research.

The study by the Commonwealth Bank revealed that the average child, aged between five and 17 years old, pocketed just over $500 from Christmas cash or from their parents.

In total, the handouts equated to $1.1 billion.

Just under half of children dipped into their savings, with the most popular purchase lollies and activities.

The research also showed that despite many children being hundreds of dollars richer, they're still not satisfied.

Parents reported being constantly asked for extra cash, on average eight times over the six-week holiday period.

“(I) get them to understand that we work very hard for what we have. And they need to be able to do the same,” Melbourne mother Rebecca Portelli said.

With two weeks to go until the end of school holidays, financial experts have said it’s up to parents to remind their children who is in charge.

“If you learn it, and earn it, you’ll get paid. But no handouts,” Scott Haywood from The Finance Guru said.

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