Over a third of UK parents have used homeschooling during lockdown to teach their kids about finances
Halifax has found that 9 in 10 British parents are actively encouraging their children to save pocket money. Meanwhile, 87% say they keep a close eye on what their kids are spending their money on.
The survey showed that the average amount of money children received weekly was £7.55. Despite their parents’ efforts, 17% of kids report not saving any of it.
As to those who are saving, 16% keep all of their pocket money, potentially worth over £30 every month. 20% of children save at least 3/4, whereas 29% manage to save half.
A quarter revealed they had extra cash which didn’t go into savings with 22% admitting they should be saving more. At the same time, a third of the children were happy with the current amount they save.
Only 15% of children start to borrow in case not having enough money to meet their goal, while 84% ask their parents for extra funds. Just two-thirds of kids actually manage to pay the money back.
We’ve reported that game developers Cauldron and Glitchers have introduced an app allowing kids to get money thought gamified experience.