Tech savvy kids spend pocket money on latest technologies
Britain’s children are more likely to be spending their pocket money on the latest technology, than comics and sweets, as eight to 15 year olds admit to spending almost all their cash on downloads and computer games, according to the latest findings from Halifax.
With technology second nature to most children and a huge part of everyday life for them, it is no surprise that it also dominates their spending habits. Almost nine out of 10 children (87%) claim to own a games console; three quarters (74%) of eight to 15 years olds have a mobile phone; and two thirds (65%) own an mp3 player.
When asked about what they spend their money on, four out of five of the children surveyed (83%) said they have downloaded a film, music, TV show, game or app from the internet. Additionally, an average of five paid-for tracks are being downloaded a week, at a potential cost of almost £5 (£4.95), while £10 a month, or £2.30 a week, is also spent on average on computer games.
Meaning that if combined; spending on these two items alone outweighs the average amount of pocket money of £6.35 given by parents in a week. However, two fifths (40%) of eight to 15 year olds who get pocket money from their parents, admit to receiving money from grandparents and relatives as well, which could explain why they can afford to spend so much.
Richard Fearon, Head of Halifax Savings says: “Children today are growing up in a world where so many things can be accessed at just a touch of a screen, including an almost limitless number of shops and goods. As a result it can be very easy to spend money without realising just how much is going out of your account.
“Budgeting money is a great responsibility and parents need to make sure that by awarding pocket money they are also giving their children the tools to understand the importance of managing how that is spent. Previous research demonstrates that a large number of children are saving a proportion of their pocket money, but these latest figures show how easy it could be to underestimate the cost of digital spending.”
Added to this spend, a large number of children (74%) are also racking up average monthly bills of around £12 on their mobile phones. So it is no surprise that only around one in 10 (13%) are paying for that bill themselves. For four out of five children (80%) with a mobile phone, it is the parents paying the bill, on top of paying pocket money.
Average digital spend:
Weekly - Monthly
Average pocket money £6.35 £27.52
Track downloads £4.95 £21.45
Computer games £2.30 £10
Mobile phones £2.77 £12
Total tech spend a month £10.02 £43.45
Additional Key Findings:
More girls (70%) own an mp3 player than boys (60%), and 13 year olds are most likely to own an mp3 player (78%)
14 year olds download the most paid for tracks (7 tracks a week)
A quarter of eight year olds (27%) have phones, but it is not until most children are 11 that mobile phone usage is more widespread at 79%.
Boys spend £4 more a month than girls on computer games