Children across the UK are slowly leaving the piggy bank in the past, turning to alternatives
According to Halifax, the number of kids receiving pocket money into a bank account has grown by 4%. For example, two years ago, 80% of children admitted to own piggy bank, whereas in 2019 this has fallen 8% points to 72%.
At the same time, the number of children receiving their pocket money into a bank account has slowly increased over the same period, from 19% to 23%. Approximately 4% of kids ask their parents to pay their cash into specific pocket money apps.
29% of boys and 32% of girls of the age 12-15, receive some of their pocket money straight into an account, compared to 18% of boys and 12% of girls aged between 8 and 11.
Nearly a third (29%) of boys aged 12-15 prefer managing their savings online. At the same time, a fifth (21%) of girls use internet or mobile banking to keep an eye on their pocket money.
Despite that, 89% of kids aged between 8 and 11 still receive some of their pocket money in cash, slightly going to 81%, for children aged between 12 and 15.