07 Nov 2018 A comprehensive new study by RoosterMoney, the pocket money tracking app, has revealed that kids have been saving 30% of their pocket money so far this year. An encouraging sign compared to the Money Charity’s latest stats showing that the average household is now only saving 4.4% of post-tax income, down from 5.2% last year.
The annual Pocket Money Index, based on a sample of over 11,000 4-14 year olds, shows that kids are on course to earn £225 in pocket money over the course of 2018 (an average of £4.32 a week).
Based on last year’s activity, kids can expect to receive £45 in cash gifts this Christmas, with the most likely benefactors being aunts & uncles as they beat grandparents to the title of most generous relatives this year, giving on average £13.79 vs £11.97 per visit.
Given the most popular things kids have been saving for lately, that money is likely to be spent on:
In the run up to Christmas, kids have also been earning extra pocket money by completing extra chores, the most lucrative of which have been:
The tooth fairy is also getting more generous offering £2.18 a tooth, compared to £1.99 last year.
10 year olds have proven the most entrepreneurial age group, as the most likely to boost their income by selling their old toys and clothes – averaging £13.64 per sale.
Of the 70.5% of their money that kids have been spending, the most common purchases are:
Will Carmichael, CEO of RoosterMoney, said:“Christmas is the perfect time to start talking to your kids about the value of money. Whether it’s thinking about the value of the things thereceive, or helping them decide how much of their Christmas money to save or spend. By getting youry kids into some good saving habits now you can help ensure they develop healthy money habits for life.”
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