RoosterMoney, the pocket money app, reveals that kids received a new high of £273 pocket money (£5.25 a week) last year, up 7.5% from 2018, and encouragingly they saved 38% of it. This is in stark contrast to the latest statistics showing adults are only managing to save 6.8% of their income.

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…

• 74% of parents gave regular pocket money last year

• Average weekly allowance is £5.25 (£273 a year), up 7.5% from £254 in 2018

• Kids received £49 in cash gifts this Christmas

• Most lucrative chores are ‘Mowing the lawn’, ‘Washing the car’ & ‘Gardening’

• Most popular things to save for are Lego Sets, Phones & Nintendo Switch

• Of all money earned, average saved is 38%

Will Carmichael, RoosterMoney CEO says: “44% of what we do every day is said to be put down to habit – so seeing these savings habits develop so early is extremely encouraging. Starting to engage your kids with money early by creating teachable moments around the home can help cement positive habits that last a lifetime. The New Year is a great time to kick start a pocket money and saving routine to encourage your kids to make considered choices about how they use their money.”

You can read moretop tips on teaching kids about money here:

https://www.roostermoney.com/top-tips-on-giving-pocket-money/