01.09.2022
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Exemplary banking. Digital pocket money for the new school year.
This year, Poles usually want to spend between 300 and 600 zlotys on a school layette1. A study conducted by Bank Millennium shows that most of this amount will be consumed by expenses on school textbooks.
Expenses for school layettes will constitute up to 12% percent of the average monthly salary2. 33% of respondents will spend over 600 PLN on the purchase of school textbooks and accessories, while only 18% of respondents intend to spend less than 300 PLN. A study commissioned by Bank Millennium shows that the biggest burden for parents is the cost of school textbooks. Further items included school supplies (notebooks, pencil case, pens, etc.), footwear, clothing and various types of backpacks or bags. We want to spend the least funds on accessories that children will need during additional classes. Expenses for school layette can be reduced. On average, a parent is able to recover from 1,3% to 15% of the sum if they make purchases online using the so-called refunds for purchases. To receive a refund, when buying notebooks, clothes or school supplies, just go to the Bank Millennium mobile application or electronic banking, in the next step select the store from the list and go to its website.
For many parents, September is a good time to introduce their child to the world of finance. - Most often, we set up an account for a child who turns 13. Bank Millennium3 research shows that it is not worth delaying. Already seven-year-olds can learn, for example, saving and putting money away on the Profit Savings Account. Its current interest rate is as high as 7%. We are aware of how important this aspect is for parents. – says Magdalena Jaskóła, head of the Current Accounts Department at Bank Millennium.
As part of a free account at Bank Millennium, a child can make free domestic transfers and to a telephone number and withdraw money from ATMs. Children aged 7-12 can use the card without any fees, older ones over 13 years of age must meet a simple condition - one payment a month, e.g. by card. Most junior accounts are opened immediately with a payment card. Young users aged 7-12 are less likely to use it (only 4 times a month), older users reach for it more often, up to 15 times a month. Children are happy to use a mobile application that can adapt to the age of the user. The version for the youngest has colourful wallpapers, simplified language and special functions, e.g. a very practical request for pocket money payment. The application grows with the child and after the age of 13 it will automatically change to a version with more services – for example, the possibility of buying public transport tickets, cinema tickets and topping-up a mobile phone with any operator will be added. In all versions of the mobile application, it is possible to purchase top-up codes for games and software.
- A parent can easily control their child's spending and manage payment limits. The junior account can be opened traditionally during a visit to a branch of Bank Millennium. Our customers can do this without leaving home via Millenet or the mobile application. Those who decide to set up an account for a child in the mobile application or Millenet by September 30 can gain up to 100 PLN. Such a bonus will definitely be useful for school expenses. To receive it, it is enough to meet a few simple conditions of the promotion – says Tomasz Brzostowski, head of the Digital Sales Sub-unit.
To get a gift card worth 100 PLN, it is enough to transfer a minimum of 150 PLN to the child's account by the end of October and – if the child is over 7 years old – give marketing consents, activate the mobile application and make one card payment to the account, by BLIK or contactless with the phone.
More information on: https://www.bankmillennium.pl/klienci-indywidualni/konta-osobiste/konto-360-juniorlink otwiera się w nowym oknie and https://www.bankmillennium.pl/bankowosc-elektroniczna/cashback-konto-millennium-360 link otwiera się w nowym oknie
1 The survey was conducted for Bank Millennium on the Ariadna panel on a nationwide sample of N=1058 people. Amounts selected according to the representation in the population of Poles aged 18 and over for gender, age and size of the town/city of residence. Carried out on: 26 - 29 August 2022. Method: CAWI.
2 Own calculations according to GUS data on the average monthly salary for the second quarter of 2022.
3 The survey was carried out by GfK institute for Bank Millennium Foundation in May 2020 on a national sample of 1000 parents of children aged 3-7, with use of CAWI methodology.