RoosterMoney, the pocket money app, reveals that kids received an impressive £321 pocket money (£6.18 a week) last year, and encouragingly they saved 37% of it. This is in line with adult saving rates also reaching record levels of 28.1% during the Covid-19 pandemic.* Video games Roblox & Fortnite also dominated the spending charts as kids spent more time at home.
Children are picking up lasting money habits as young as 7 years old**, and RoosterMoney is showing that a strong pocket money routine is a great way to build positive money habits early on, lockdown, or no lockdown…
Top things to SPEND on in 2020.
Roblox & Fortnite rose to the top as kids spend more time at home.
|Pocket Money Spending Charts 2020 (vs 2019):|
Top things to SAVE for in 2020:
Holidays and bikes fall down the rankings.
Will Carmichael, RoosterMoney CEO says:
“The Pocket Money Index can often provide a fascinating reflection of what’s going on in the wider world. The pandemic has shifted most of our spending online and that’s seen clearly here with kids’ spending habits too. It’s also really encouraging to see the saving rates remain so high.
Now more than ever, building financial capability into our kids is so incredibly important. The financial impact of this crisis has 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.”
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