Kids’ odd jobs economy worth £696 million

Crafty kids are raking in almost £700 million a year for chores and errands according to research amongst the country’s 11-18 year olds undertaken by Abbey Banking.

The research found that more than one in four kids (27 per cent) make up the odd job army. Whilst girls were more likely than boys to be making money from odd jobs (30 per cent and 24 per cent respectively), even at a young age boys are emerging as the top earners, raking in £55 per month, compared to the £38 earned by young girls.

Babysitting is the most popular way of earning extra pocket money with around half of all working under-18s earning an average £16.96 for a four-hour shift. Car washing is the second most popular means of earning a crust for an estimated 15 per cent of junior workers.

The research found that there is very little difference in children’s earnings across the UK. Kids in the Midlands earned slightly more per month (£50) than their counterparts in the South (£43) and the North (£45).

Steve Shore, Head of Abbey Banking, commented: “The research shows that British kids are making the most of earning opportunities like New Year’s Eve and as a result, the ‘odd job’ economy is thriving. As well as giving kids a boost to their pocket money, this is a great way for parents to show their children the value of money and teach valuable financial lessons.”

Steve Shore continued: “Now kids can maximise their hard earned money even more with our new six per cent current account. There are two accounts, the 11-15 and 16-18 youth accounts, both paying six per cent interest on balances up to £500. All 11-15 year olds need to do is credit the account each month with at least one payment of any amount. 16-18 year olds need to pay in at least £50 a month during the course of a month.”