Survey on Teenagers Pocket Money

12 December 2016

Pocket Money is not just representing how much money that teenagers’ get; it also represents teenagers’ buying tendency, marketing size of teenagers, their finance method and possible reasons of stress because of financial problem. It’s worth to make a statistic on the topic teenager’s pocket money, for the reference of further studies on social research. In this report, the following data would be collected and analyzed. Firstly, we want to compare the pocket money teenagers how to spend their pocket money in past and that in nowadays (e. 2006 vs. 1999), then we should reveal the differences by our statistic figures like mean , mode etc, so that we can know whether they get more money or not, and other statistical information. Secondly, we also are interested in the relation between the teenagers’ ages and the amount of money they get, and then how this found out changes from 1999 to 2006. Thirdly, we want find what kind of things teenagers prefer to buy and whether they can handle their financial overload effectively by themselves.

After that, we will try to find the reasons for those phenomena and then generate the conclusion. Objective To build up an online survey, to collect sample data about teenager’s pocket money, how they use it, and any financial problem they faced. Questionnaires In this project, we use internet survey instead of questionnaire survey in collecting samples from teenagers. There are few reasons for us to choose such survey method: First, teenagers are very sensitive to the money they own and they feel too nervous when other people ask about the amount of their pocket money.

For those results, they prefer to refuse to answer this questionnaire by face to face method. Secondly, teenagers have a low incentive to do the survey on the street; they think it is wasting their time. This increases the difficulties in sampling from them directly. Thirdly, as a result, we choose internet survey which should be a more effective sampling method since teenagers are easier to access to computers and more willing to answer questionnaire as they feel that they can help other people. The online survey http://freeonlinesurveys. com/rendersurvey. asp? id=o2ve66ut8bs9gh7252868 was posted to HK newsgroup and forums to invite teenagers to fill the online survey since 1st December, 2006. We end the online survey and collected the data at 20th December, 2006. The Hard Copy of the online survey as follows: Result At 20th December, 2006, we collected 111 valid online questionnaires. Result of each question is shown respectively: Over 80% interviewers are in-range below 24, which stated that most interviewers are student. It shows most teenage have around $1000-$2000 pocket money, where around 36% teenage have $1001-$1500 pocket money.

Around 34% students have $1501-2000 pocket money per month, which is second highest. 68% teenagers gain their pocket money from parents, where 29% teenagers gain their money pocket by part time job. The others which stated they gained by investment or gambling. But it seems there’s not reliable. In this chat rank 5 represent the highest value option to interviewee while rank 1 is refer to the lowest value option, it show that about 50% of teenagers put ‘studying’ as the last priority(rank 1) in their consumption, after that it will come to ‘saving’ at 25 %.

On the other side, ‘entertainment’ is the option which people most willing to spend their money on it and it take 30% in rank 5, beside that ‘dressing ‘also an option that’s less prefer 25% in rank 5. 32% students think that they spent more than they get, which need to pay attention. In the 36 student who said that they spent more than they get, 52% of them would borrow from the money, 42% would borrow from friend. It is need to be concern that 6% of teenagers would borrow from financial company. 37% teenagers think that they can’t handle their financial problem effectively.

This data seems reliable as from this survey, 32% cannot control their expanses. Calculation As it is important of founding out statistic factors of nowadays teenagers’ pocket money, calculation of sample mean, mode and median , standard deviation and coefficient of skewness and coefficient of variation are calculate as follows Assumption: Since we don’t know the exact number of “below $500” and ”above 2000”, also number of this two sample is little compare with sample size, so these figures are neglect when calculation. Group Mean: = ? fimi/? fi = (750. 5*29+1250. 5*40+1750. 5*38) / 107 =1292. 5 Median = (107/2) = 53. th, so we know that the median should be in the class 1001-1500 = Lm + [(n/2-Cum Freq. )/f]*w) =1000. 5 + [(107/2 – 29) /40]*500 =1306 Mode Modal Class: 1001-1500 =Lmo+ (d1/d1+d2)*w =1000. 5+ (11/11+2)*500 =1423. 58 We are considering 107 samples. So sample standard deviation = 395. 2638 Coefficient of skewness =3(mean-median)/standard deviation =3*(1292. 5-1306)/395. 2638 =-0. 1025 The curve is slightly skew to the left Coefficient of variation = standard deviation/ mean *100% = 395. 2638/1292. 5*100% =30. 5813% Discussion From the data posted by education department, mean of teenagers’ pocket money are 151*4 = $604 per month.

Compared with sample mean we found, difference between two samples is 1292. 5-604=$688. 5. The difference due to change of HK economic environment and more teenagers earn their pocket money from attending part time job. It is advised that performing a larger survey if analyzing the relationship of teenagers and their pocket money more deeply. According to the survey data, it points out that teenagers are more concerned in materialism spending. And also, over 32% teenagers spending their pocket money is always greater than income, and teenagers are lack of ability to have their personal planning.

Lower than 10% teenagers think that saving is important when they received pocket money. They spend a lot either entertainment or dressing. The government should pay more attention to this problem, and educate teenagers how to spending their money effectively, and prevent they will have the thought of ‘Using the future money’. Hong Kong teenagers usually have some part-time jobs income, to satisfy their needs on materialism. The main reason influences teenagers’ shopping style is brand, which is a teenager like to pursuit for famous brand name. Conclusion Via this survey, basically we has the expected proposes.

We understand how teenagers get their pocket money and how to spend it, and also understand consumer behavior, including their mental characteristics. As a studies’ data, it can be used in the further studies in the social science. However, since the quantity of questionnaire is relatively few, so the result cannot fully reflect the fact of pocket money spending of teenagers.

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