Kids Are Saving an Impressive 34% of Their Pocket Money This Summer, Reveals RoosterMoney

News provided by

RoosterMoney

30 Jul, 2019, 07:00 GMT

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:

  1. Washing the car - £2.56
  2. Gardening - £1.65
  3. Cleaning the bathroom - £1.43
  4. Mopping floors - £1.04
  5. Cleaning windows - 96p

The top 5 things they're SAVING towards are big-ticket items:

  1. Lego sets
  2. Phones
  3. Holiday money
  4. Nintendo Switch
  5. 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."

* https://themoneycharity.org.uk/media/May-2019-Money-Statistics.pdf

Data from the Pocket Money Index, sampling 15,000 RoosterMoney users

James Kassam
james@roostermoney.com
+44 (0)791-750-8614