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Pocket money data from 120k families shows how kids are upping their spending power this summer
British kids are going to be earning their keep through the summer holidays this year, the latest study of the UK’s youth economy has indicated.
NatWest Rooster Money’s findings have revealed the top chores that are set to keep children occupied and earning their spending money over the break.
The kids’ pocket money app revealed that just under half (46%) of UK parents reward their kids with money for doing chores. With stubborn inflation keeping prices high, families appear to be using household jobs as a means of cushioning kids from the cost of living, empowering them to earn some money even if they’re too young for a job, and putting a decent dent in the household to-do list.
There’s also a suggestion that the ways families define chores and motivate positive behaviour in their children is evolving, with unconventionally monetised tasks such as brushing teeth now firmly in the top 10 most popular paid tasks.
The top kids’ chores set to dominate summer 2023, by frequency completed, are:
- Tidying their bedroom
- Emptying the dishwasher
- Helping with pets
- Setting or clearing the table
- Helping with laundry
- Helping with cooking
- Brushing their teeth
- Taking the bin out
- Vacuuming
- Helping with the garden
Meanwhile, the chores that will see parents forking out the most, by average wage per job, are:
- Cleaning the car – £2.29
- Helping with shopping – £1.08
- Vacuuming – £0.97
- Helping with the garden – £0.81
- Taking the bin out – £0.55
- Emptying the dishwasher – £0.49
- Tidying their bedroom – £0.47
- Helping with cooking – £0.46
- Helping with laundry – £0.43
- Helping with pets – £0.42
Will Carmichael, CEO of NatWest Rooster Money, says: “What I love about this data is it shows how adept children are getting at upping their pocket money. Understandably, fewer parents are now giving a regular allowance, but what we’re consistently seeing is this entrepreneurial streak shining through as kids rise to the challenge and find new ways to maintain their spending power. And from a parental perspective, it’s fantastic to see families encouraging behaviour through positive, practical means, empowering their kids to earn and learn about the value of money at the same time.
“With all that free time stretching ahead, a limited budget and plenty of household jobs to be done, there’s no doubt the summer holidays are a hugely valuable learning opportunity. It really is a win-win for both parents and kids.”
The findings come after NatWest Rooster Money’s annual Pocket Money Index revealed in May that kids’ average annual pocket had risen by 11% year-on-year, outpacing CPI. This was despite far fewer parents (57%, down from 65% year-on-year) giving regular allowance, prompting kids to turn not only to chores but side hustles such as babysitting, reselling and tutoring to boost their income – raking in £50.84 each on average.
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