A new study of 24,000 kids in the UK reveals the nation's most common chores and how pocket money spending is moving online during lockdown.
LONDON, May 4, 2020 /PRNewswire/ -- RoosterMoney, the pocket money app, reveals that kids are spending more online since the lockdown began, with the major shift being towards games such as Roblox and Fortnite. RoosterMoney's 'Pocket Money Index' for the lockdown period also shows:
- average weekly pocket money for 4-14 year olds is £4.60
- an impressive 40% of pocket money is being saved
- 70% of the top 10 chores involve helping clean the house
Top 10 places for kids to spend their pocket money during lockdown:
(compared to the 3 months prior)
- Roblox (+3)
- Fortnite (+10)
- Books & Mags (-2)
- Lego (+1)
- Sweets & Chocs (-3)
- Xbox (+4)
- Minecraft (+9)
- Toys (-5)
- Apps (-1)
- PlayStation (-1)
Top 10 chores kids are doing to earn their money during lockdown:
(70% of chores involve cleaning around the house)
- Clean bedroom
- Make the bed
- Do the laundry
- Clear the table
- Look after pets
- Set the table
- Empty dishwasher
- Load the dishwasher
- Take out the bins
Research shows that our money habits are formed as early as 7, and that parents are the best facilitators of this in the early years*. So, while we are all stuck at home, there may be practical reasons to engage more with chore routines and spend more online, as well as ample opportunity to turn those activities into money lessons.
Will Carmichael, RoosterMoney CEO says:
"Now more than ever, building financial capability into our kids is so incredibly important. The current pandemic and the financial impact of the crisis have the potential to affect us for a generation - perhaps several. Having confidence with money, building positive habits around saving and learning to make considered spending choices will be something that sticks with kids for life.
Whilst being at home is a challenging time it's also a brilliant opportunity to teach your kids about the value of money! It's good to see the pocket money economy is still strong, with chore routines being embraced and kids adapting their spending habits to their new environment."
All other data taken from the Pocket Money Index, sampling 24,000 RoosterMoney users, covering 19/03/20 to 26/04/20.