RoosterMoney has revealed kids’ spending habits have shifted firmly towards online games in 2020 since lockdown began – with Roblox & Fortnite taking the top spots. Leaving old favorites such as candy, books and magazines dropping down the allowance spending charts. With access to stores and shopping malls limited, and having spent more time at home, children’s shift from the physical to the digital has accelerated over the last few months.
RoosterMoney’s Allowance Report can also reveal that the amount kids are saving is an impressive 41% of their allowance. This may be a consequence of having less opportunities to spend, but they’re still encouraging numbers compared to the average adults savings rate of 17.8%*. At the current allowance rate of $8.91 a week, that’s $463 a year, with $190 being stored away for a rainy day.
- Average pocket money: $8.91 a week ($463 a year)
- Average saved: 41%
- Top 5 items to spend on: Roblox, Fortnite, Lego, Minecraft, Gifts
|Top 5 things to spend allowance on|
|2019||Q1 2020||Q2 2020|
|1||Books & Magazines||Roblox||Roblox|
|2||Gifts||Books & Magazines||Fortnite|
Will Carmichael, RoosterMoney CEO says:
“Research shows that our money habits are formed as early as 7, so it’s great to see kids engaging with their money in this way. The Kids’ Allowance Report is a fascinating insight into the family economy, and it can also provide a reflection of what’s going on in broader society. With the last few months accelerating our move to becoming a cashless society, we can see that reflected not only in our own spending habits, but in that of our children too. What’s encouraging is that the savings rates are so high regardless of what’s going on in the world. The last few months, for all their difficulties, have hopefully provided an opportunity for parents to have more conversations with their kids about money. It will be interesting to see how things change as kids head back to school.”