Yahoo Finance Piggy bank kids saving a third of their pocket money this summer
Children in the UK are saving a third of their pocket money this summer, according to new figures.
Data from pocket money app RoosterMoney shows British kids will get about £4.25 each week in pocket money this summer – or £55 in total.
They may be spending most of this money on sweets, lego and books, but they’re saving at least a third (34%) for big-ticket purchases.
READ MORE: The worst things you can teach your kids about money
These included lego and books, along with phones, Nintendo switches and holiday spending.
Three quarters (77%) of parents now give their children a regular allowance, with the amount increasing with age.
Four-year-olds get about £2.63 a week, while 14-year-olds make about £6.20.
READ MORE: What your kids aren't learning about money in school
Kids are also earning their pocket money through a range of household chores.
While, cleaning their bedrooms, doing laundry, making their beds, looking after pets and emptying the dishwasher are the most common ways of earning, they’re not the highest-paying chores.
Washing the car (£2.56), gardening (£1.65), cleaning the bathroom (£1.43), mopping the floors (£1.04) and cleaning the windows (96p) are the top-pocket money earners.
READ MORE: Pocket money app RoosterMoney launches debit card for kids
Meanwhile, doing well in school can help kids earn extra. Getting good grades is worth about £5.15, while doing homework pays about £1.54.
Feeding the cat is significantly more than the dog – 98p compared with just 56p.
Being brave can earn kids an extra £2.55, while being well-behaved is worth £2.38.
READ MORE: Should you pay your kids for chores?
And the amount the tooth fairy leaves under a child’s pillow is now about £1.82.
But those with birthdays are the biggest earners, receiving an extra £30.67 on their special day.
