As World Savings Day approaches on Oct. 31, new data from Revolut sheds light on how Greek children and teenagers, aged 10 to 18, are learning to save — and how their parents are shaping their financial habits. The study highlights trends in saving behavior, digital allowance management, and the broader state of financial literacy in Greece.

Digital piggy banks on the rise

According to Revolut’s Kids & Teens app data, the number of young Greeks using the platform to receive their pocket money and manage daily expenses has soared by 75% in the past year. The app allows children to track their spending habits, set saving goals through “Pockets” (dedicated sub-accounts), and visualize where their money goes — whether for new sneakers or a meal out with friends.

Parents, meanwhile, can transfer allowances regularly and reward their children for completing small “challenges” such as doing household chores, walking the dog, or cleaning their rooms.

A gap in financial literacy

The growing popularity of digital tools for money management underscores a wider issue: Greece remains among the five European countries with the lowest financial literacy levels, according to the 2023 Eurobarometer. The findings point to an urgent need for practical, early-life financial education — helping children develop healthy money habits long before adulthood.

Generous parents, motivated kids

Greek parents also rank among the most generous in Southern Europe when it comes to allowances. Children aged 10 to 13 receive an average of 10.60 euros per week, those aged 14 to 16 around €14.40, and older teens (17–18) about 21 euros.

Spending patterns vary by age: younger teens tend to splurge on shopping, while older ones devote more to dining out.

As Ignacio Zunzunegui, Revolut’s Head of Growth for Southern Europe, notes, “Developing good financial habits early is essential. Tools like Revolut help parents teach their kids responsible money management through real-life examples and hands-on practice.”