Tooth Fairy Paying Record Highs of $4.90 a Visit, Reveals RoosterMoney

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Oct 29, 2019, 08:39 ET

LONDON, Oct. 29, 2019 /PRNewswire/ -- A comprehensive new study of 35,000 4-14 year olds reveals kids' are receiving record amounts of allowance, at $8.44 a week, boosted by an increasingly generous tooth fairy.

It may not be inline with the current economic environment, but the tooth fairy has just upped her rate again, now hitting highs of $4.90 per visit, reveals RoosterMoney, the kids' allowance and chores app. Despite consumer confidence in the nation's economy 'plunging' in recent months*, parents (and the tooth fairy) are opting to continue boosting kids' wallets with record sums.

Tooth Fairy hits new high of $4.90 a visit
Weekly allowance increases to $8.44
This is despite consumer confidence dropping to a 3 month low**

Besides the Tooth Fairy, kids are also boosting their income with some lucrative chores. Top earning chores are:

Gardening - $4.79
Washing the car - $3.72
Washing windows - $3.15

And the top things kids are saving for are:

Lego
Phones
Nintendo switch

Kids are also saving an impressive 34% of their pocket money, and have been doing so consistently throughout the year. These savings, combined with a forecasted $58 injection of cash gifts over the Christmas period (based on last year's figures), offer a bright horizon when it comes to money habits for the nation's kids heading into 2020.

Will Carmichael, CEO of RoosterMoney says:

"Our Kids' Allowance report provides a fascinating insight into the workings of the family economy, and highlights the opportunity to develop positive behaviours at a young age. It's extremely encouraging that wider consumer confidence dips aren't negatively impacting family allowance routines. The research shows it's these early routines that help kids develop strong money habits that stay with them into adult life, ensuring they're prepared for their future"***.

* https://www.reuters.com/article/us-usa-economy-confidence/u-s-consumer-confidence-plunges-in-september-idUSKBN1W91XJ

** https://www.bloomberg.com/news/articles/2019-09-24/consumer-confidence-in-u-s-fell-more-than-forecast-in-september

*** https://www.moneyadviceservice.org.uk/en/corporate/adult-money-habits-are-set-by-the-age-of-seven-years-old-shows-new-study

All other data from the Kids' Allowance Report, sampling 35,000 RoosterMoney users

CONTACT:
James Kassam
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+44(0)7917508614

SOURCE RoosterMoney