Roblox & Fortnite overtake sweets & books in pocket money spending charts

A comprehensive new study of 24,000 kids in the UK shows how kids' pocket money habits have changed ahead of the new school year.

LONDON, Sept. 16, 2020 /PRNewswire/ -- RoosterMoney, the pocket money app, reveals kids' spending habits have shifted firmly towards online games in 2020 since lockdown began - with Roblox & Fortnite taking the top spots. Leaving old favourites such as sweets, books and magazines dropping down the pocket money spending charts. With access to shops and high streets limited, and having spent more time at home, children's shift from the physical to the digital has accelerated over the last few months.

RoosterMoney's Pocket Money Index can also reveal that the amount kids are saving has risen by 14% to a record 43.5% (it was 38% in 2019). This may be a consequence of having less opportunities to spend, but they're still encouraging numbers compared to the average adults savings rate of 5.5%*. At the current pocket money rate of £4.60 a week, that's £239 a year, with £104 being squirreled away for a rainy day.

• Average pocket money: £4.60/week (£239/year)
• Average saved: 43.5%
• Top 5 items to spend on: Roblox, Fortnite, Lego, Books, Sweets

Will Carmichael, RoosterMoney CEO says:

"Research shows that our money habits are formed as early as 7, so it's great to see kids engaging with their money in this way. The Pocket Money Index is a fascinating insight into the family economy, and it can also provide a reflection of what's going on in broader society.  With the last few months accelerating our move to becoming a cashless society, we can see that reflected not only in our own spending habits, but in that of our children too. What's encouraging is that the savings rates are so high regardless of what's going on in the world. The last few months, for all their difficulties, have hopefully provided an opportunity for parents to have more conversations with their kids about money. It will be interesting to see how things change as kids head back to school."

* themoneycharity.org.uk/media/March-2020-Money-Statistics.pdf

All other data from the Pocket Money Index, sampling 24,000 RoosterMoney users, 01/04/20-30/06/20.

James Kassam, james@roostermoney.com, 07917508614