Pocket money survey says kids earn record £4.38 a week

29 Oct, 2019

29 Oct 2019 The nations’ parents may be worried about the future of the economy, but that’s not stopping them handing out increasing amounts of pocket money to their kids. National consumer confidence in the UK economy has been hit hard by Brexit uncertainty (currently at -9% quarter on quarter), but latest figures from RoosterMoney, the pocket money app, show no signs of that impacting kids’ wallets, as the average pocket money hits a new high of £4.38 a week.

The last three quarters of 2019 have seen the
average weekly pocket money received by 4-14 year olds steadily rise, whilst
the consumer confidence index has gone the other way:

  Weekly Pocket Money Consumer Confidence Index
Q1 £4.25 -8%
Q2 £4.27
Q3 £4.38

Percentages are Quarter on Quarter

The top earning chores helping kids reach
these figures are:

  1. Gardening – £2.97
  2. Washing the car – £2.34
  3. Cleaning the bathroom – £1.04

And the top things kids are saving for are:

  1. Lego
  2. Phones
  3. Nintendo switch

Kids are also saving an impressive 27% of
their pocket money, and have been doing so consistently throughout the year.
These savings, combined with a forecasted £44 injection of cash gifts over the
Xmas period (based on last year’s figures), offer a bright horizon when it
comes to money habits for the nation’s kids heading into 2020.

Will Carmichael, CEO of RoosterMoney says:

“Our quarterly Pocket Money Index provides a fascinating insight into the workings of the family economy, and highlights the opportunity to develop positive behaviours at a young age. It’s extremely encouraging that wider issues such as Brexit aren’t negatively impacting family pocket money routines. The research shows it’s these early routines that help kids develop strong money habits that stay with them into adult life, ensuring they’re prepared for their future”.