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
Top 5 things to
spend pocket money on
|
|
2019
|
Q1 2020
|
Q2 2020
|
1
|
Books &
Magazines
|
Books &
Magazines
|
Roblox
|
2
|
Sweets
|
Sweets
|
Fortnite
|
3
|
Lego
|
Lego
|
Lego
|
4
|
Gifts
|
Roblox
|
Books &
Magazines
|
5
|
Roblox
|
Pokemon
|
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