But new research from Childwise shows kids’ spending is down across all categories.
New research from Childwise has found that, while the amount of weekly pocket money received by 5 to 16 year olds has increased slightly, children’s spending has fallen across all categories.
The 2018 Childwise Monitor found that those children still getting an income saw weekly pocket money rise to £11.20, up from £9.70 a year ago.
However, children’s spending has dropped across all 16 spending categories year on year.
“Parents are tightening their belts and are exerting control over how their children spend money, leaving children with less disposable income as a result,” commented Simon Leggett, research director at Childwise.
The research found that seven in ten 5-16s receive some form of regular income, a marginal decrease compared to the last couple of years. Seven in ten 5-10s have a source of regular income, which is also down from last year.
Meanwhile, 7% of children say that they neither get regular income or one-off handouts from their relatives – almost double the proportion compared to last year (then 4%).
Simon added: “It appears children are feeling the pinch. Reduced levels of consumer spending over the last year appear to be having an impact on children’s purchasing habits. Children’s spending across all
categories is down this year, especially among non-essential things such as going out, movies/films and apps.
“Among those that do still receive a regular form of income from pocket money, or ad hoc payments, the overall value of their income has
increased. However, far fewer get this money given to them as cash. Instead, more have it paid into accounts or on to cards where it is less likely to be frittered away.”
The 2018 Childwise Monitor is a comprehensive annual report looking at 5 to 16 year olds media consumption, purchasing and social habits as well as key behaviour. More than 2,000 children in schools across the United Kingdom completed in-depth online surveys for the report.