Pocket Money Economy Undeterred by Brexit Uncertainty, as Kids Earn Record £4.38 a Week, Reveals RoosterMoney

News provided by

RoosterMoney

29 Oct, 2019, 08:00 GMT

LONDON, Oct. 29, 2019 /PRNewswire/ -- A comprehensive new study of 18,000 4-14 year olds reveals kids' pocket money reaches new highs, despite national consumer confidence in the economy hitting new lows.

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 (+1%)

-8%

Q3

£4.38 (+3%)

-9%

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."

*https://www2.deloitte.com/uk/en/pages/consumer-business/articles/consumer-tracker.html  

**https://www.moneyadviceservice.org.uk/en/corporate/adult-money-habits-are-set-by-the-age-of-seven-years-old-shows-new-study

All other data from the Pocket Money Index, sampling 18,000 RoosterMoney users

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