Study: Lithuanian parents most generous with pocket money, many in Latvia don't track spending

According to a survey commissioned by SEB bank, pocket money is common across the Baltics: 91% of children in Latvia receive it, 89% in Lithuania, and 92% in Estonia. However, amounts and parental approaches differ. Lithuanian parents are the most generous, with children getting an average of €45 per month, compared to about €35 in Latvia and Estonia. In Lithuania, one in five children receives between €50 and €100 monthly, and nearly one in ten gets over €100. In Latvia and Estonia, the most common amount is up to €20 per month.

The survey reveals that many parents give pocket money on an ad-hoc basis rather than following a fixed schedule. This is the case for 42% of parents in Latvia, 41% in Lithuania, and as many as 56% in Estonia. Linda Šablinska, a financial literacy mentor at SEB bank, warns that this approach may hinder children's ability to budget and understand the value of money.

Although most children in Latvia (73%) and Estonia (79%) already have a bank account and card, only half of Lithuanian children (51%) do. Children typically get their first card before age 10 – in Estonia 61%, in Latvia 54% – while in Lithuania 55% receive it between ages 11 and 14. Parents prefer digital payments for convenience and security: 72% say it's faster, 54% find it easier to control, and 47% say it's simpler to track expenses.

However, a significant number of parents do not monitor their children's financial activities: 23% in Latvia, 37% in Lithuania, and 27% in Estonia. Only half of Latvian parents are confident their child can independently plan expenses, while 42% rate their child's financial knowledge as poor. Šablinska emphasizes that technology is a tool, but financial understanding is built at home – through discussing purchases, setting goals, and regularly checking account balances.