United Kingdom’s top pocket money index namely Rooster Money has recently released a report showing what the children spend their most money on.
What is the Rooster Money app?
Rooster Money is an app which allows parents to manage their children’s monthly or daily allowances and chores. This app is designed for parents to keep a track of the number of money children spend or spend on their children.
Not only has this but the app also helped the parents to teach their kids the actual value of money. The app has recently released a chart of all the things related to expenses.
The chart released shows what the children are mostly spending on their money, or what they are saving for and also from what they are earning.
The app also released the average amount of money that the kids in the United Kingdom are receiving as their pocket money.
The United Kingdom were receiving in 2021 was nearly around 6.14 Euros by rooster money app
It was a decrease in amount as compared to the one given in 2020 which was 6.18 Euros. It seems that kids aren’t exempt from the same macroeconomic pressures that their parents face. As the pocket money is decreasing, the amount or cost of their favorite items is not decreasing.
Either they are the same or are getting higher. Though the children’s pocket money is decreasing, their cost of living is much higher than before, and their spending is increasing more since the prices of their favorite items have increased.
Most children in the United Kingdom have seen spending on next-gen games. The games such as PlayStation 5 and many more high-priced games are really in demand among kids these days.
The kids also like to spend on their favorite treats such as crisps and soft drinks. The treats are the ones which have experienced a high rise in the kids’ expenses. Also, some leading cinema chains have hiked their ticket prices by as much as 40%.
Most kids spend time at home and so they are most likely to be seen playing Roblox and Fortnite in 2021. The spending chart released by Rooster Money shows that the things on top of the list are PlayStation, my craft (new entry), Pokémon and not to forget Phones (new entry).
They have decreased their spending on presents, sweet treats and books and magazines by some amount. The comparison has been done between 2020 vs. 2021.On the other, the saving chart which was compared between 2020 and 2021 shows that the kids save mostly for Phones, PlayStations, Computers (new entry), Tablets (new entry) and Toys (new entry).
They are seen no more saving for books or Fortnite or even Roblox.
Moreover, the top ways of earning for kids show the chart comparing 2020 and 2021. The chart shows that they are earning from either mowing the lawn or raking leaves and even from washing the cars. Not only this but they also earn from washing windows, gardening and ironing too.