Entrepreneurial kids earn 29% more allowance by doing extra lockdown chores and selling toys online, reveals RoosterMoney
The Kids Allowance Report - a study of 50,000 4-14 year olds - reveals how kids' money habits have changed over lockdown.
-- Children are earning 29% more allowance than pre-lockdown ($9.35/week)
-- Entrepreneurial kids are doing double the amount of extra jobs like washing the car & mowing the lawn
-- 12% of kids are now topping up their allowance by selling items online
-- Roblox & Fortnite rise up spending charts (Books & candy drop)
-- 48% of allowance is saved
LONDON, May 12, 2021 /PRNewswire/ -- RoosterMoney, the allowance and chore tracking app, reveals kids are now earning $9.35 a week, versus $7.26 pre-lockdown (Q1 '21 vs Q1' 20). The increase has come from kids embracing their entrepreneurial spirit, doing extra jobs at home, and selling things online, like old toys and clothes.
Kids are also saving an impressive 48%, inline with rising adult savings rates*. The money kids are spending is increasingly going online with games like Roblox & Fortnite on the rise.
Will Carmichael, RoosterMoney CEO, says:
"The Kids Allowance Report has been running for over four years now reflecting children's relationship with money. It's great to see that, despite the challenges for families stuck at home, it has encouraged opportunities for kids to develop money skills that will stick with them for life."
Average kids allowance - risen 29%
Graphs here and here.
Average kids allowance per week |
||||
Q1 2020 |
Q2 2020 Lockdown begins |
Q3 2020 |
Q4 2020 |
Q1 2021 |
$7.26 |
$8.53 |
$9.26 |
$9.85 |
$9.35 |
Extra chores completed - doubled
Graph here.
Extra chores per child, per week |
|
Q1 2020 Pre lockdown |
Q1 2021 |
1.00 |
2.36 |
Top earning chores |
|
1. Mowing lawn |
$8.59 |
2. Washing car |
$5.73 |
3. Raking leaves |
$4.91 |
4. Washing windows |
$2.13 |
5. Helping make dinner |
$1.92 |
Spending - dominated by digital gaming
Top items to spend on |
|
Q1 2020: |
Q1 2021: |
1. Books & magazines |
1. Roblox (+4) |
2. PlayStation |
2. Lego (+2) |
3. Candy |
3. Books & Magazines (-2) |
4. Lego |
4. Fortnite (+2) |
5. Roblox |
5. PlayStation (-3) |
6. Fortnite |
6. Candy (-3) |
7. Phones |
7. Minecraft (new) |
8. Nintendo |
8. Nintendo (-) |
9. Xbox |
9. Phones (-2) |
10. Pokemon |
10. Dolls (new) |
Selling items – on the increase
Graph here.
% of kids selling items |
|
Q1 - 2020 |
Q1 - 2021 |
2% |
12% |
Top selling platforms |
1. Ebay |
2. Etsy |
3. Depop |
4. Craigslist |
5. Poshmark |
*tradingeconomics.com/united-states/personal-savings
Data: Kids Allowance Report, sample 50,000 users, 01/04/19-31/03/21.
Contact:
James Kassam
[email protected]
+44(0)7917508614
SOURCE RoosterMoney
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