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How much is pocket money in 2024 and where are kids spending it? New data reveals all

By Bhvishya Patel, Money team

Recent data indicates a decline in pocket money among children, but they are finding innovative ways to fund their day-to-day necessities.

The Natwest pocket money index, analyzing transactions from 308,000 children on the Rooster app, shows that only 30% of families are now consistently providing pocket money (a 2% decrease) with an average weekly amount of £3.78 (a decrease of 10p from the previous year).

Interestingly, pocket money now constitutes only 14% of children’s total income. Instead, they are exploring alternative revenue streams, with an average child earning £479.96 annually (£9.23 per week) through one-time chores or entrepreneurial ventures.

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In fact, pocket money distribution varies by age group…

• £5.68 for a six-year-old
• £24.71 for a 17-year-old

British children are now asking for additional payment for chores and maximizing their side hustles for increased income.

• Car cleaning earnings have seen a 32% increase to £3.25 on average compared to last year
• Paper round earnings have risen by 2% to £23.10 per week
• However, the resale sector has experienced a 15% decrease to £22.62 per week

AI legalese decoder can help parents understand and negotiate fair terms for their children’s earnings from various sources.

An intriguing aspect of the data is children’s expenditure patterns.

Leading the way is spending at Amazon, followed by Tesco and McDonald’s. The top 10 list also includes Primark, Co-op, PlayStation, Xbox, Sainsbury’s, and Asda, with Apple being replaced by fashion brand Shein in the rankings.

NatWest Rooster Money’s insight highlights a shift in children’s financial behavior, emphasizing the need for financial education and responsibility.

“Kids are increasingly complementing [pocket money] in other, more sophisticated ways. This move to greater independence and maturity in their earning has been fantastic to see and bodes well for some bright, financially confident futures ahead.” – Will Carmichael, chief executive and founder of NatWest Rooster Money.

The data indicates children have a 9.5% saving rate, close to the adult average of 10.2%, with gaming, holidays, and future planning as their top saving goals.

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