Kids Received £273 Pocket Money in 2019, and Saved 38% of it, Reveals RoosterMoney

News provided by

RoosterMoney

14 Jan, 2020, 07:20 GMT

The Annual Pocket Money Report - the UK's largest regular pocket money survey of 25,000 4-14 year olds reveals how much kids received last year, what they did with it, and that smart money habits can start young.

LONDON, Jan. 14, 2020 /PRNewswire/ -- RoosterMoney, the pocket money app, can reveal that kids received £273 pocket money (£5.25 a week) last year, up 7.5% from 2018, and encouragingly they saved 38% of it. This is in stark contrast to the latest statistics showing adults are only managing to save 6.8% of their income*.

Children are picking up lasting money habits as young as 7 years old**, and RoosterMoney is showing that a strong allowance routine is a great way to build positive money habits early on…

  • 74% of parents gave regular pocket money last year
  • Average weekly allowance: £5.25 (£273 a year), up 7.5%
  • Most lucrative chores: 'Mowing the lawn', 'Washing the car' & 'Gardening'
  • Average saved: 38%

Top things to SAVE for:

  1. Phones (-)
  2. Lego Sets (-)
  3. Nintendo Switch (+1)
  4. Holiday Money (-1)
  5. Books & Magazines (-)
  6. Bikes (+2)
  7. Pokemon (new entry)
  8. Playstation (+2)
  9. Tablets (-)
  10. Xbox (-4)

Top things to SPEND on:

  1. Books & Magazines (+1)
  2. Sweets (-1)
  3. Lego (-)
  4. Presents (-)
  5. Roblox (+5, highest climber)
  6. Fortnite (new entry)
  7. Playstation (new entry)
  8. Xbox (-3)
  9. Pokemon (-2)
  10. Apps (-4)

Top EARNING chores:

  1. Mowing the lawn, £2.86
  2. Washing the car, £2.62
  3. Gardening, £2.08
  4. Washing windows, £1.53
  5. Cleaning bathroom, £1.28
  6. Cleaning kitchen, £0.99
  7. Hoovering, £0.98
  8. Dusting, £0.98
  9. Helping make dinner, £0.93
  10. Clean bedroom, £0.92

Most entrepreneurial age group: 9 year olds - boosting their income by selling old games and books, averaging £22.56 per sale. 

Will Carmichael, RoosterMoney CEO says: "Engaging kids with money early by creating teachable moments at home can help cement positive habits that last a lifetime. The New Year is a great time to kick start an allowance and saving routine to encourage your kids to make considered choices about how they use their money."

Find out how RoosterMoney helps teach kids about money here: https://www.roostermoney.com/gb

* https://themoneycharity.org.uk/media/December-2019-Money-Statistics.pdf
** https://www.moneyadviceservice.org.uk/en/corporate/adult-money-habits-are-set-by-the-age-of-seven-years-old-shows-new-study
All other data from sample of 25,000 RoosterMoney users.

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

SOURCE RoosterMoney