Kit's (CommBank) Australian Money Matters Report

In April 2023, Kit - a kids’ money app built by Commonwealth Bank, published its inaugural Australian Money Matters Report, which suggested the future generation could be better equipped to manage money than their parents, with children as young as six years-old regularly talking about money at home, earning and budgeting.

Kit’s report showed that children (6-18yrs) regularly talk about money at home, with 8-in-10 parents and carers reporting to have had such conversations in the previous two weeks, well over half (64%) applying spending strategies when making purchasing decisions, and almost 9-in-10 (87%) buying things with their own money, as opposed to their parents’ or carers’.