pocket money

picture of a child putting money into a piggy bank

Money Talks: Rising Cost-of-Living Fuels Finance Chats Between UK Parents and Children

  • 92% of UK parents say the cost-of-living crisis has encouraged them to talk more openly about finances with their children
  • 83% of parents give pocket money to their kids, 39% of which give pocket money “once a week”
  • 58% of parents give their child their own debit card by the time they turn 12 years old

Legal & General surveyed over 2,000...

picture of children doing chores

THE TOP CHORES SET TO KEEP KIDS BUSY THIS SUMMER

  • Analysis of more than 119,000 families’ pocket money data reveals the top 10 most popular and top 10 highest-paid chores that will keep kids occupied once school’s out
  • Not every child has a summer job, but 46% of parents now financially incentivise chores - empowering kids to earn through the holidays whilst helping tackle the family to-do list
  • Tidying the bedroom
  • ...
picture of child with pocket money

Children's pocket money is outpacing inflation thanks to generous parents

KIDS’ ECONOMY 2022/23: POCKET MONEY ANNUAL REPORT REVEALS CHILDREN’S EARNINGS OUTPACE INFLATION
  • The NatWest Rooster Money Pocket Money Index, a study of over 125,000 children, is the most comprehensive analysis of the UK youth economy this year and reveals the trends shaping young people’s finances
  • Kids’ average earnings increased 11% to £338.84 a year (or £6.42 per week),
  • ...
picture of children doing chores

173MB FOR CLEANING THE CAR, 147MB FOR TIDYING BEDROOM – EE REVEALS KIDS ARE DOING CHORES FOR DATA 

  • EE - the UK's best network provider - reveals the first ever data rate card for chores, as a quarter of parents say they regularly share data with their kids instead of giving them pocket money
  • Parents prepared to give 173 megabytes to children who wash the car and 158MBfor sweeping leaves – enough to stream around 20 minutes of YouTube videos
  • Chores that help cut
  • ...
picture of a mum and son looking at a phone

84% of parents turning to alternative pocket money ‘payments’

POCKET CHANGE: SAY GOODBYE TO CASH AS CHILDREN ASK FOR EXTRA SCREEN TIME, SWEET TREATS, AND IN-GAME PURCHASES IN NEW POCKET MONEY TREND
  • The great rewards swap: 84% of British parents are turning to different types of pocket money to reward their children
  • Modern kids, modern rewards: While 1 in 5 mums and dads still favour pocket money (23%), extra screen-time (18%) and in-
  • ...
picture of schoolchildren in a classroom

Virgin Money relaunches innovative finance programme for school kids

Virgin Money has relaunched its innovative financial education programme, Make £5 Grow, with additional tools and resources designed to prepare schoolchildren and provide the skills they need to better manage their finances in the future.

Delivered in schools, Make £5 Grow is a free scheme which works with and encourages both younger and older children, to develop innovative business...

picture of chris payne with his children teaching them how to save

Children's piggy banks hit as parents adapt to cost of living pressures

  • Average weekly pocket money is down 23 per cent year-on-year from £6.48 to £4.99, new research reveals
  • Mums and dads are feeling the pinch most from increasing energy and food bills; half would rather sacrifice spending on their own leisure activities to protect pocket money
  • Halifax reveals the economic impact on pocket money over last 35 years

...

picture of rooster money top 5 chores graphic

THE POCKET MONEY PINCH: INFLATION FUELS SURGE OF THE ‘SCHOOLKID SIDE HUSTLE’

ROOSTERMONEY POCKET MONEY INDEX REVEALS FLOURISHING ENTREPRENEURIAL STREAK AS UK CHILDREN FACE ALLOWANCE STAGFLATION
  • UK’S MOST ESTABLISHED ANNUAL POCKET MONEY INDEX REVEALS KIDS’ AV. POCKET MONEY HAS STAYED FLAT YoY - THIS IS DESPITE INFLATION HITTING A 30-YEAR HIGH
  • KIDS ARE TURNING TO SIDE HUSTLES AND GOOD GRADES IN RECORD NUMBERS TO TOP UP EARNINGS
  • NOT ALL BAD
  • ...
picture of a happy mum giving her daughter pocket money to put in a piggy bank

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...
picture of a mum giving her children pocket money

10 expert lessons to teach your children about money

Finance can be a difficult topic to tackle with young children, but teaching them to have a healthy relationship with money from a young age is important to lots of parents around the globe.

With this in mind, financial experts from money.co.uk have compiled a list of their top 10 tips for teaching your children about money .

Top tips for teaching your children about money 1...
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