New study shows: talking about money? It’s no longer a taboo for parents, but rather a part of modern upbringing

Financial literacy is a life skill

The study “Children, money and the path to independence” shows clearly: financial education begins early. Today, learning about money is done openly and practically, as parents in Switzerland see financial competence as an important life skill. Conversations about money now belong to family day-to-day life, with 92 percent of parents regularly speaking to their children of primary school age about financial topics. It’s not just about figures, but also values – 87 percent emphasize that money isn’t easy to get, but has to be earned.

“It’s essential that children and young people learn early how to handle money. With this study, we would like to encourage parents to actively address this topic,” says Sandra Lienhart, Head of Retail Banking at PostFinance. “We are pleased with the results: financial education is about openness, trust and usefulness for everyday life.”

Pocket money as a central topic of learning

Pocket money is the key means of providing financial education for many families. Two thirds of children regularly receive pocket money, with which they can do as they please, at the latest by the time they start school. They mostly get cash to start with in order to promote an understanding of money, but from about 12 years of age digital payment methods like TWINT or debit cards become more popular.

“The study makes it clear: pocket money is more than just money for fun – it’s the first step toward financial independence and a crucial part of financial education,” says Gordon Bühler, who conducted the study at Sotomo.

Saving starts early – a typically Swiss value

Over 80 percent of children save regularly – regardless of age or gender. By the time they start primary school, two thirds of children already have their own savings account. Parents also put aside money for their children early on, usually in traditional accounts. Fund accounts are also more widely used in German-speaking Switzerland than in the French-speaking region.

Financial challenges for children today

Children and young people are growing up today in a society strongly characterized by consumption. A third of parents see danger here – they are worried that young people are influenced by advertising and social media, especially during adolescence. Three out of four parents report conflict regarding consumption behaviour. Most respond to this with open communication, as those who speak about money earlier on promote conscious and responsible financial management.