Kids received $455 in allowance over 2020, while Roblox and Fortnite topped the spending charts, Reveals RoosterMoney

News provided by

RoosterMoney

Jan 12, 2021, 07:00 ET

LONDON, Jan. 12, 2021 /PRNewswire/ -- A new study of 90,000 4-to-14-year-olds in the US reveals how much allowance kids received last year, how they spent it during the COVID-19 pandemic, and that smart money habits can start young.

RoosterMoney, the allowance and chore tracking app, reveals that kids received an impressive $455 in allowance ($8.75/week) last year, and encouragingly they saved 45% of it. This is in line with adult saving rates also reaching record levels of 33.7% during the COVID-19 pandemic.* Video games Roblox and Fortnite also dominated the spending charts as kids spent more time at home.

The 'Kids' Allowance Report' shows that a strong allowance routine is a great way to build positive money habits early on, pandemic or no pandemic.

  • 66% of parents gave a regular allowance last year
  • Average weekly allowance: $8.75 ($455/year)
  • Kids received $72 in cash gifts this Christmas
  • Families embraced chore routines: Highest earners: mowing the lawn, washing the car, and raking leaves
  • Video games Roblox and Fortnite rose to the top of the spending charts
  • Average saved: 45%
  • Most popular things to save for were Lego sets, phones, and Roblox
  • Average time to reach a savings goal: 36 days

Top to SPEND on:

Roblox and Fortnite dominate as kids spend more time at home.

  1. Roblox (+3, high climber)
  2. Fortnite (+5, high climber)
  3. Presents (-1)
  4. Candy (-1)
  5. Lego (-)
  6. Books and magazines (-5)
  7. Minecraft (new)
  8. Xbox (+1)
  9. Pokemon (-1)
  10. PlayStation (-)

Top to SAVE for:

  1. Lego sets (-)
  2. Phones (-)
  3. Roblox (+7, highest climber)
  4. Nintendo Switch (-1)
  5. Dolls (+1)
  6. Fortnite (new)
  7. Pokemon (-3)
  8. Computer (+1)
  9. Minecraft (new)
  10. Bikes (-3)

Top EARNING chores:

  1. Mowing lawn, $7.83
  2. Washing car, $6.42
  3. Raking leaves, $4.26
  4. Clearing table, $3.09
  5. Helping make dinner, $3.07
  6. Gardening, $2.95
  7. Making bed, $2.80
  8. Cleaning bedroom, $2.78
  9. Washing windows, $2.26
  10. Setting table, $2.29

Will Carmichael, RoosterMoney CEO, says:

"The pandemic has shifted most of our spending online and that's seen clearly here with kids' spending habits too. It's also really encouraging to see the saving rates remain so high. Now more than ever, building financial capability into our kids is so incredibly important. Having confidence with money, building positive habits around saving and learning to make considered spending choices will be something that sticks with kids for life."

*statista.com/statistics/246268/personal-savings-rate-in-the-united-states-by-month/
Data: Kids' Allowance Report, sample 90,000 - 01/01/20-01/21.

Contact:
James Kassam 
[email protected] 
+44 (0)7917 508614

SOURCE RoosterMoney

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