Children saved well over a third of their pocket money last year, a modest increase on the share saved in 2017, research found.
A child received £254 on average in pocket money last year, or just under £5 a week.
The annual survey of 20,000 children aged between 4 and 14 was carried out by RoosterMoney, a pocket money app.
Washing the car and gardening were the top earning chores of 2018, while nine-year-olds were the most entrepreneurial age group, with side hustles including selling old toys and clothes, according to the “Kids’ Pocket Money Report”.
Russell Winnard, director of programmes at financial education charity Young Money, said receiving pocket money from a young age helped children develop a positive attitude to managing money. “This impact is enhanced substantially if the pocket money is received as a result of work having to be done, such as chores around the house.”
Children squirrelled away 39 per cent more in 2018 than in the previous year, when they saved 37 per cent.
The survey also shed light on the top things for which children saved up. Lego took top spot, followed by mobile phones and holiday money. Slime and Roblox, two toy brands, are new top 10 entries for the year.
Will Carmichael, chief executive of RoosterMoney, said: “The new year is a great time to kick start things with a pocket money and saving routine to encourage your kids to make considered choices about how they use their money.”
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