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The Annual Kids’ Pocket Money Report: Kids Received £254 Pocket Money in 2018 and Saved 39% of it

RoosterMoney, the pocket money app, can reveal that kids received £254 (£4.88 a week) in pocket money last year, and encouragingly, they saved 39% of it. This is in stark contrast to the latest statistics showing adults are only managing to save 4.4% 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…

 

  • 73% of parents gave regular pocket money last year

 

  • Average weekly allowance is £4.88 (£254 a year)
  • Kids received £44 in cash gifts this Christmas
  • Most lucrative chores are ‘Washing the car’, ‘Gardening’ & ‘Mopping’
  • Most popular things to save for are Lego, Phones & Holiday Money
  • Of all money earned, average saved is 39%

 

 

Top things to SAVE for in 2018:

  1. Lego
  2. Phones
  3. Holiday Money
  4. Nintendo
  5. Books & Magazines
  6. Xbox
  7. Dolls/Figures
  8. Bikes
  9. Tablets
  10. Playstation

Top things to SPEND on in 2018:

  1. Sweets
  2. Books
  3. Lego
  4. Presents
  5. Xbox
  6. Apps
  7. Pokemon
  8. Minecraft
  9. Slime (New entry)
  10. Roblox (New entry)

Top EARNING chores of 2018:

  1. Washing the car, £2.16
  2. Gardening, £1.73
  3. Mopping the floor, £1.10
  4. Cleaning the kitchen, £1.08
  5. Cleaning the bathroom, £1.05
  6. Hoovering, £0.93
  7. Cleaning bedroom, £0.89
  8. Helping with dinner, £0.77
  9. Dusting, £0.70
  10. Washing dishes, £0.67
  •      Most entrepreneurial age group: 9 year olds – boosting their income by selling old toys and clothes, averaging £22.03 per sale.

Full ‘Pocket Money Index’ Infographic here:

https://www.roostermoney.com/pocket-money-index-uk/

Will Carmichael, RoosterMoney CEO says: “44% of what we do every day is put down to habit. Starting to engage your kids early by creating teachable moments around money can help cement positive money habits that will stick with kids for a lifetime. The New Year is a great time to kick start things with a pocket money and saving routine to encourage your kids to make considered choices about how they use their money.”

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