Sign up to RoosterMoney kids debit card & pocket money app and get a one month free trial and a £5 pocket money bonus
RoosterMoney, the smart, educational pocket-money app and kids’ debit card, has just published its latest Pocket Money Index. This annual report analyses the earning, saving and spending habits of kids aged 4-14 across the UK, to reveal everything from average weekly income, through to the amounts parents pay for chores.
Though this year the average pocket money children received fell slightly, the report highlights that kids have become more entrepreneurial than ever by selling old toys, games, clothes and other possessions on digital platforms such as Depop; the use of these services has grown by 67% between 2020 and 2021.
Academic success also boosted some children’s income, with payouts for a good school report rising Academic success also boosted some children’s income, with payouts for a good school report rising from £8.15 in 2020 to £14.94 in 2021. And, if Depop and A-grades couldn’t provide a big enough pocket money raise, many children found another source of income: special occasion ‘boosts’. Kids received £41.94 on average in birthday money, compared to £34.81 in 2020, with aunts and uncles being the most generous cash contributors.
What’s more, saving rates are also up, with children managing to put away more money into one of the RoosterMoney saving pots last year. In all, RoosterMoney demonstrates how, despite these relatively hard times, young people are still able to acquire good personal finance skills, if given the chance.
Sign up for a Rooster card free trial today using promo code CITY5, and you can get a £5 pocket-money bonus if you stay on and subscribe*. Take the hassle out of pocket money; while giving your kids valuable life skills in money. To find out more, and get that £5 bonus, visit roostermoney.com.
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