By Molly Benjamin, Founder of Ladies Finance Club
When it comes to finances, new research has found that girls across Australia are earning more pocket money than boys, and they’re saving it faster, too. In a cost-of-living crisis, it’s encouraging to see, as it shows that the next generation is writing their own story around money.
Yet, what can be all too common is that somewhere along the way, money confidence starts to fade in girls. By adulthood, women are less likely to negotiate, invest, or take financial risks. It’s a pattern we see in the gender pay gap, as well as in superannuation savings. Women fall behind financially.
As a financial educator, I see this all the time. Boys are encouraged to take risks, try, fail and learn. Girls are praised for being neat, disciplined and sensible. We talk to boys about growing wealth and talk to girls about becoming good savers. Over time, that difference can shape how we negotiate, invest, or even talk about money.
Recent findings from the Spriggy Economy Report, which analysed the habits of more than 790,000 Australian kids, shed light on this early money story. It found that girls are actually out-earning boys ($1.03 vs $1.00), which is the reverse of the adult gender pay gap, where women earn just $0.88 to the dollar. Australian kids collectively earned $286.3 million this year, with pocket money growing 11 per cent faster than wages. But while girls are thriving financially in childhood, social conditioning soon teaches them to be cautious rather than bold, to save carefully rather than build confidently.
The key to changing this lies in simple, practical money lessons at home. Ones that build independence, confidence, and choice-making skills early. Parents can help stop that slide by focusing less on outcomes (“Did you save it?”) and more on confidence (“How did you decide that?”). It’s about giving kids, and especially girls, permission to make choices, mistakes and plans with money.
One simple way to build this foundation is the three piggy bank method, something I’ve used for years to help kids visualise how money works:
- Piggy bank 1: Spend: the ‘freedom’ jar. This teaches kids choice, value and the joy of earning something yourself.
- Piggy bank 2: Save: this builds patience, planning and the reward of delayed gratification.
- Piggy bank 3: Give: this fosters generosity and empathy, connecting money to meaning.
You don’t need fancy tools to try this at home. A few piggy banks, jars or envelopes work perfectly. What matters most are the conversations that you have with your kids around them: Why save? What feels worth spending on? Who or what do we care enough to give to?
Teaching kids how to use money, not fear it, is one of the most valuable gifts we can give. Because when children grow up knowing they can make choices, plan ahead, and trust their judgement, they carry that confidence for life. Girls may have the financial lead right now, but it’s up to us to make sure they keep it, not just in childhood, but well into adulthood.
