A comprehensive new study reveals average pocket money drops to £4.25 a week, but saving rate stays high compared to average adult savings of 4.8%*
LONDON, July 30, 2019 /PRNewswire/ -- RoosterMoney, the pocket money app, can reveal that kids will earn a whopping £55 this summer (£4.25 a week). They're saving 34% of it, and earning it through an impressive range of household chores as they prepare for the summer.
The Pocket Money Index, taken from a sample of 15,000 UK families reveals:
Top EARNING chores this summer are:
- Washing the car - £2.56
- Gardening - £1.65
- Cleaning the bathroom - £1.43
- Mopping floors - £1.04
- Cleaning windows - 96p
The top 5 things they're SAVING towards are big-ticket items:
- Lego sets
- Holiday money
- Nintendo Switch
- Books & Magazines
Will Carmichael, RoosterMoney CEO says:
"It's great to see such positive saving behaviours developing with these kids. We've always believed the key to building good habits lies in talking about money from a young age, and with the summer here, it's the perfect time to start having those positive conversations about money."
RoosterMoney has also just launched the Rooster Card, a prepaid Visa debit card, that helps kids to build on those good money habits in the 'real world'. The card offers unique parental controls and cutting-edge security features that make it more secure for online transactions. Key features include:
- No overdraft - learning in a safe environment
- Parents decide where it can be used – in shops, online or ATMs
- Instant spending notifications - for parent & child
- One-time CVV - making it more secure for online transactions
- Freeze/unfreeze card anytime – for those 'where's my card?' moments
The card will cost £24.99/year and comes with a 1 month free trial - more here.
Will Carmichael says:
"We're delighted to announce the launch of our Rooster Card, which expands on our existing pocket money tracker app - it means we now have a product that can flex to help families with kids of any age. Kids can start as young as four using the app as a star chart, before graduating to a pocket money tracker and then, ultimately, the Rooster Card whenever they're ready."
Data from the Pocket Money Index, sampling 15,000 RoosterMoney users