FIVE MOST COMMON POCKET MONEY CHORES REVEALED
FIVE MOST COMMON POCKET MONEY CHORES REVEALED
New research from one of the UK’s leading insurers, Aviva, reveals how children accomplish chores to rein in some hard-earned pocket money. According to a sample of 1,000 parents in the UK, 7 in 10 children do some sort of chores every week to earn some extra cash, but how do they go about it? From scrubbing car wheels to taking responsibility for the family laundry, we reveal the 5 most common household chores children do to earn pocket money.The 5 most common household chores children can do to earn pocket money
- General cleaning, such as vacuum cleaning and dusting (65%)
- Washing up (48%)
- Exercising a pet, such as dog walking (26%)
- Laundry (25%)
- Cleaning the car(s)/vehicle(s) (24%)
Typically, parents think that their offspring will be financially independent at the age of 21, so it’s important to encourage and educate their children from a young age to stand on their own two feet and spend their pocket wisely to help them achieve this.
Of the children who receive pocket money, almost a third do not have a savings account that they or their parents pay into. It’s important for children to adopt a varied approach with their pocket money, spending some of it on things they love, but also thinking about putting some aside into a savings account, like a Junior ISA.
Andy Russell, CEO, Wealthify commented “With a Stocks & Shares Junior ISA (JISA), parents can invest towards their child’s future and watch their money grow as they do. By showing the child how the investments are doing, parents can teach a valuable lesson about the importance of saving and investing for long term goals, such as going to university, buying a home or getting married – all of which a JISA can help with.”
However, it’s not all about saving every penny, children should have fun with their pocket money, which is why Aviva investigated what children most commonly spend their money on.
The top 10 things children spend their money on are:
- Confectionery and soft drinks (37%)
- Toys and games (32%)
- Digital games/add-ons for platforms such as phones, tablets, computers, and consoles (26%)
- Clothing and accessories (24%)
- Eating out and takeaways (17%)
- General technology such as PC parts, console accessories, headphones etc. (11%)
- Toiletries and cosmetics (11%)
- Sports and activities (8%)
- School dinners (7%)
- Media – cinema and streaming such as Netflix (6%)
To learn more about '10 expert lessons to teach your children about money' click here
Cover photo By shapecharge on Canva
