New generation of savers – 70% of kids are putting their pocket money away

Friday 08 April 2016

A new survey says that 70% of young Islanders are saving up their pocket money.

The survey by Skipton International has found that 54% of youngsters get regular pocket money, and of those, 70% save it regularly.

Typical weekly pocket money is between £2 and £4 per week, and most of it gets spent on toys, clothing, computer games and apps.

Skipton surveyed more than 200 parents in the Channel Islanders from late 2015 to early 2016 – the average respondents were aged between 46 and 45, with household incomes between £50,000 and £100,000 and with two children aged between six and eight.

Jim Coupe, Managing Director, Skipton International, said: “Pocket money is a great tool to help young people understand the value of money and to start good habits regarding saving and money management early on in life.

“The findings have been really insightful and it’s encouraging to see children are choosing to save the money they are given from a very young age.”

The survey also found that families with more than one child are more likely to give pocket money and reward their children for doing jobs around the house.

Jersey kids, on average, saved slightly less than children in Guernsey.