Russian Teenagers Named Top Expense Items

Specialists of the NAFI Analytical Centre conducted a study and found out the level of financial literacy of adolescents in Russia. It turned out that despite the fact that most of the financial decisions for schoolchildren of 14-17 years old are made by their parents, 82 per cent of adolescents have personal funds. In addition, there is a demand among Russian teenagers for improving financial literacy (75 per cent of them would like to improve their knowledge and skills in the field of finance).   

The study results showed that the main source of income for most adolescents is the family. Thus, 89 per cent of Russian schoolchildren 14-17 years old receive money from their parents for regular expenses, such as buying food, paying for travel and mobile communications, extracurricular activities and hobby groups, and 82 per cent of teenagers receive money from their parents for pocket money (expenses for various purposes).

In addition, more than a third of schoolchildren themselves tell their parents how much money they need for pocket expenses, and every fifth teenager receives the amount set by parents.

In turn, 33 per cent have a source of income that does not depend on their families (part-time job). Common types of part-time jobs include babysitting, courier, and paid household help.

The most common “expense items” for adolescents are buying food (67 per cent), buying tickets for entertainment events (40 per cent), paying for mobile services (38 per cent) and travel (29 per cent), buying cosmetics and perfumery (26 per cent), buying gifts to friends (23 per cent), purchasing fashionable clothes and accessories (24 per cent), and making savings for the future (23 per cent).

Ru-Main, 12.07.2021 

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