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Kids banking statistics
How do children look after and spend their pocket money?
Managing your finances is not something that is exclusive to adults, with kids around the world carefully think what to do with their pocket money. We conducted some research with children aged 10-15 to find out what they do with their pocket money.
- 3 in 5 (61%) children in the UK aged between 10 and 15 use an app to manage their money.
- 9 in 10 (92%) children said they recieve pocket money.
- More than 7 in 10 (72%) children said that their parents have given them advice on how to manage their own money.
- 1 in 5 (22%) children said they recieve financial information from school.
- More girls (74%) learn financial advice from their parents compared to boys (68%).
How do children manage their money
With over nine in ten (92%) children say they recieve pocket money, this gives the opportunity for parents, schools and institutions to teach kids how to manage their money.
We found that 61% of children between 10-15 years old use a banking or pocket money app to manage their money. When the ages are broken down, teenagers aged 14 (71%) and 15 years old (68%) are the highest users of money apps. This is followed by descending ages with 13 years old (64%), 12 years old (57%), 11 years old (53%) and 10 years old (49%).
|Age||Percentage use a money app|
Where do children get money advice from?
The most common place children get advice about how to manage their pocket money is from their parents, with over 7 in 10 children (72%) said their parents give them money advice.
School is the second most common form, with one in five (21.50%) children said they have had advice from teachers about managing their money. Banking and money apps is the third most common form, with the general internet (13%) and friends (10%) follow. Almost 1 in 6 (15%) of children said they have not had any money advice.
|Where children have recieved money advice from?||All||Boys||Girls|
|Never had any money advice||14.70%||16.12%||13.20%|
How much do children save of their pocket money
Just over 20% of children said they save half of the pocket money they recieve. Interestingly, the second most common response was that 15% of children do save some of their money, but they do not keep track.
Almost 12% of children said they save a quarter of their money, this is followed by one in ten children (10.80%) who save less than a quarter and 8.90% of kids who save three-quarters of their pocket money. Just less than 1 in 10 (9%) children say they save all of their pocket money.
|How much of their pocket money kids typically save?||All||Boys||Girls|
|Some of it but do not keep track||15.70%||13.79%||17.73%|
|Do not save any||15%||15.34%||14.64%|
|Less than a quarter||10.80%||11.46%||10.10%|
|All of it||8.90%||10.29%||7.42%|
|Never get pocket money||8.40%||8.74%||8.04%|
Switching bank accounts after turning 18
Switching banks after turning 18 is common for young adults, who may be moving to university and become more independent from their parents. With more children having bank accounts younger, this is shown with almost 6 in 10 (57%) Generation Zers switched their bank account when they turned 18. Millennials follow with over 1 in 4 (26%) switched bank accounts after 18, followed by Generation Xers (19%) and Baby Boomers (16%).
|How many adults swithced their main account within 2 years of turning 18?||Percentage|
Do kids want to use mobile apps to manage their money?
It seems there is a strong appitite for kids to learn how to manage their money, with almost two-thirds (64%) saying they would like to learn this through mobile apps, with only 6% of children using money apps currently. Just over one in ten (12%) children said they do not want to use a money app.
|Would you like to use an app that helps you save money and teaches you about money?||All||Boys||Girls|
|I already use an app that does this||6.30%||6.41%||6.19%|
|I don't know||17.10%||15.34%||18.97%|
- Finder commissioned CensusWide on 13–16 July 2021 to carry out a nationally representative survey of children aged between 10-15.
- A total of 1,000 children were questioned throughout Great Britain, with representative quotas for gender, age and region.
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