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By Lim Pow Hong & Seow Kai Lun
SINGAPORE'S school-going children seem unaware of terms such as 'recession' or 'economic downturn'.
To the average teenager, a budget meal costs $8 at a fast-food outlet and saving means putting aside money for a 'cool' $248 iPod nano. When they run out of cash, they just ask their parents for more.
The Straits Times polled 100 students - aged 13 to 19 - who received pocket money. Their responses showed most of them did not think the current recession here would affect their spending habits or that of their families.
Tips for parents
- Start giving a child a fixed allowance at a young age, so that he learns the value of money.
- Give allowances on a daily basis first, encouraging a child to save 10 per cent of it daily, before moving to a weekly, then monthly basis. Do this rather than giving lump sums of money.
- A child should also be given an allowance in smaller denominations so he can save some immediately when he gets it.
Kids talk about money and spending
FAST FOOD OVER KOPITIAM
'I would rather eat fast food than go to the kopitiam to eat as the food there is not so nice.' -Ruthie Tan, 14, Tanjong Katong Girls' School
RACKING UP PHONE BILLS
'My parents got me to switch to prepaid cards so I wouldn't overspend on my phone bills. I have to spend $50 on two prepaid cards sometimes.' - Serene Heng, 13, Cedar Girls' Secondary School
GROCERIES COST THAT MUCH?
'My parents say that they spend $100 to $200 on groceries each time, but I don't believe it. How can they cost so much?' -Nur Fathin Ayunie, 13, Bukit View Secondary School
For more The Straits Times stories, click here.
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