Kids received £321 pocket money in 2020, while Roblox & Fortnite topped the spending charts, reveals RoosterMoney

News provided by

RoosterMoney

12 Jan, 2021, 07:00 GMT

The UK's largest regular pocket money survey of 70,000 4-14 year olds reveals how much kids received last year, how they spent it during the Covid-19 pandemic, and that smart money habits can start young.

LONDON, Jan. 12, 2021 /PRNewswire/ -- RoosterMoney, the pocket money app, reveals that kids received an impressive £321 pocket money (£6.18 /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 pandemic.* Video games Roblox & Fortnite dominated the spending charts as kids spent more time at home.

The 'Pocket Money Index' shows that a strong pocket money routine can build positive money habits early on, lockdown, or no lockdown...

  • 66% of parents gave regular pocket money last year
  • Average weekly allowance: £6.18 (£321 /year)
  • Kids received £52 in cash gifts this Christmas
  • Families embraced chore routines. Highest earners revealed below.
  • Video games Roblox & Fortnite topped the spending charts.
  • Average saved: 37%
  • Most popular things to save for: Lego, Phones & Roblox
  • Average time to reach a savings goal: 45 days

Top to SPEND on:

  1. Roblox (+4, highest climber)
  2. Fortnite (+4, highest climber)
  3. Books & Magazines (-2)
  4. Sweets & Chocolate (-2)
  5. Lego (-2)
  6. Presents (-2)
  7. Xbox (+1)
  8. Minecraft (new)
  9. PlayStation (-2)
  10. Pokemon (-1)

Top to SAVE for:

  1. Lego Sets (-)
  2. Phones (-)
  3. Roblox (new)
  4. Fortnite (new)
  5. Nintendo Switch (-2)
  6. PlayStation (+2)
  7. Books & Magazines (-2)
  8. Holidays (-4)
  9. Bikes (-3)
  10. Xbox (-)

Top EARNING chores:

  1. Washing car, £2.94
  2. Mowing lawn, £2.69
  3. Washing windows, £1.80
  4. Raking leaves, £1.73
  5. Looking after cat, £1.45
  6. Cleaning bedroom, £1.36
  7. Cleaning bathroom, £1.35
  8. Gardening, £1.28
  9. Mopping, £1.24
  10. Vacuuming, £1.91

Will Carmichael, RoosterMoney CEO:

"The pandemic has shifted our spending online and that's seen here with kids' spending habits too. It's also really encouraging to see saving rates remain so high. Now more than ever, building financial capability into our kids is so important. 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."

*themoneycharity.org.uk/media/December-2020-Money-Statistics.pdf

Data: Pocket Money Index, sample 70,000 - 01/01/20-01/01/21

Contact Details: James Kassam, james@roostermoney.com, +44(0)7917508614