Kids still prefer piggy banks; most have mobile phones: survey

Piggy Bank (Picture: Wikimedia Commons/401(K) 2012)Piggy Bank (Picture: Wikimedia Commons/401(K) 2012)

Piggy banks remain the preferred spot for children to keep their spare cash, with 76 percent saying they use money boxes. This comes ahead of banks, used by 55 percent, and wallets used by one-third of the surveyed children, according to the survey by Wijzer in Geldzaken.

There is a rise in the number of children who think they have a better understanding of how much money they have. Half of the children suggested as much, as opposed to 44% in 2011. About 71 percent of the participating children also said they think they could handle their own money, and nine out of ten told researchers they discuss money issues with their parents.

Meanwhile, both boys and girls spend their money on toys and games, with boys also buying more video games, and girls purchasing cosmetics, the survey showed.

Research also indicated that 86 percent of the respondent children aged 12 and up possess a mobile phone. That is a 16-precent increase as compared to 2011. A phone is also owned by one in five surveyed nine-year-old children.