U.K.'s top pocket money index, RoosterMoney, released a new report showing the things that kids mostly spend on.
NEW YORK - NOVEMBER 16: A member of the general public plays the new Sony PlayStation 3 at the Sony PlayStation 3 Launch Party at the Sony Style Store on November 16, 2006 in New York City. Sony people 400 people to purchase the new Sony PlayStation 3 at the party.
For those who don't know RoosterMoney, it is a free application that allows parents to manage their children's allowances and chores.
Aside from this, RoosterMoney also assists parents in teaching their kids the value of money. Now, the app released some charts to show what things kids are mostly spending on, saving for, and earning from.
UK Children's Pocket Money Decreases
In an email sent to Tech Times, RoosterMoney provided the details regarding the pocket money received by children in the United Kingdom.
LONDON, ENGLAND - JANUARY 22: A selection of "Roblox" toys are seen on a display at the annual "Toy Fair" at Olympia London on January 22, 2019 in London, England. The Toy Fair is the UK’s largest dedicated game and hobby event and aims to showcase the most anticipated products for the year ahead.
"The average amount of pocket money children got in 2021 was £6.14 (8.32), down fourpence from 2020 levels, which was £6.18 (8.38). Next to a 5.5% inflation rate, it seems like kids aren't exempt from the same macroeconomic pressures their parents face," said in the press release.
Since kids' pocket money decreased, their cost of living is now higher than ever, especially since the prices of their favorite items to spend on increased.
LEGO (which is second on RoosterMoney's 'Most Saved For' list) was at the receiving end of a petition regarding its price increases recently, while the cost of gaming has increased in the face of new, next-gen consoles such as the PlayStation 5 and accompanying higher-priced games.
What's more, according to Kantar, crisps and soft drinks - some of the kids' favorite treats - have experienced some of their biggest price rises in years, and - in response to the pandemic - some leading cinema chains have hiked their ticket prices by as much as 40%.
RoosterMoney's Charts
Top things to SPEND on in 2021:
Roblox & Fortnite stay at the top as kids continued to spend time at home in 2021.
Pocket Money Spending Charts 2021 (vs. 2020):
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2020:
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2021:
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Top things to SAVE for in 2021:
LEGO loses its place atop the list for the first time ever, after being displaced by mobile phones.
Pocket Money Saving Charts 2021 (vs. 2020):
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2020:
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2021:
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Top ways to EARN in 2021:
The most lucrative jobs stay in similar territory, but the top 5 highest fees shrink by nearly 5%.
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Pocket Money Earning Charts 2021 (vs 2020): |
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2020:
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2021:
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Top places to SHOP in 2021:
Gaming stores and in-app spending continue to dominate, while fashion makes its top-10 debut.
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Pocket Money Shopping Charts 2021 (vs 2020): |
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2020:
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2021:
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Written by: Griffin Davis
