UK News: New data reveals how much pocket money kids are receiving in 2024 and where they are spending it

Pocket money trends are changing in 2024, with new data revealing that only 30% of families now pay pocket money as part of a regular routine. The average amount children receive has also decreased slightly to £3.78 per week. However, kids are finding new ways to earn money, with a typical child making £479.96 a year through one-off chores or entrepreneurial ventures.

The data also shows that children are becoming more financially savvy, with a saving rate of 9.5% – not far off the adult average of 10.2%. Top saving incentives for kids include gaming, holidays, and saving for the future.

When it comes to spending, Amazon remains the top choice for kids, followed by Tesco and McDonald’s. However, Apple has dropped out of the top 10, replaced by fashion brand Shein. This shift in spending habits reflects a broader trend of kids diversifying their income streams and becoming more independent in managing their finances.

Experts like parenting specialist Kirsty Ketley and presenter Konnie Huq emphasize the importance of teaching children about money management from a young age. While some parents, like Sharon Olivero-Chapman, believe that regular pocket money can give kids the wrong association with money, others, like Fiona Scott, encourage their children to understand household budgets and make their own money.

Overall, the data shows that children are adapting to changing financial landscapes and finding new ways to earn, save, and spend their pocket money in 2024.