NatWest says children get an extra £470 in their bank accounts

NatWest found children saw their weekly pocket money increase by £9 – or £470 a year – during the cost of living crisis. The NatWest Rooster Money Pocket Money Index, a year-long study of 308,000 children, uncovered their real spending, earning and saving behavior on a larger scale than ever before.

Just 30% of families now commit to a traditional pocket money routine – handing over £3.78 a week (down from £3.88 the previous year). But the children are proving their resilience by taking on extra chores and chores, bringing their total weekly earnings to £9.23 – £480 a year (generally in line with 2022/23).

Paper round earnings rose 2% to £23.10, babysitting rose 1% to £18.22 and tutoring children enjoyed a pay rise up 5% to £14.80, showing that learning is a win. The resale, while popular, took a 15% hit, falling to £22.62.

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Jobs remained high-paying, with eight of the top 10 highest-paid jobs paying more in 2023/24 than in the previous 12 months. In 2023/24, NatWest Rooster Money children put away 9.5% of their income, equivalent to annual savings of £45.60 each.

Will Carmichael, CEO and founder of NatWest Rooster Money, says: “I look forward to our Pocket Money Index findings every year as they always spark fascinating conversations about how money and our behavior around it is changing – something that most of we don’t do it. talk about enough. One of the key revelations for me is how children’s money completely changes shape.

“Although pocket money in its traditional sense is apparently on the decline, this does not mean that it is less important, but rather that children are increasingly supplementing it in other, more sophisticated ways. This move towards greater independence and maturity in their earnings has been fantastic. to see and auspicious for some bright and financially confident futures.”

Konnie Huq, children’s author and talk show presenter, adds: “I love that this data shows that children in the UK have such a reaction when it comes to money. It is so important to give our children ample opportunities to understand its value; that it’s not something to take for granted – and it’s clear from NatWest Rooster Money’s findings that those conversations are happening and families are realizing this together.

“Thinking back to my own childhood, I didn’t have a regular allowance and I’m probably in a much better position for it, having to fend for myself with a Saturday job and deal with compromises and be responsible from a young age If this kind of independence becomes more common, it can only be a good thing.”