Article by Gina Spampinato

Kids’ economy 2022/23: Pocket money annual report reveals children’s earnings outpace inflation

INCOME BY AGE: A bumper pay rise for six year-olds, while 16 is the peak

EARNING: Car cleaning is big business, quality time is money and maths adds up

SAVING: High-flying savers and a record year for gaming currencies

SPENDING: Shopping in person is back and Co-op takes the crown

"It’s great to see entrepreneurial spirit when demonstrated by the youth of today. Growing up, I didn’t have pocket money, which meant making my own way with a Saturday job and being mindful about how I spent and saved - it’s really encouraging to see those behaviours still present in today’s kids. Teaching children from an early age about the value of money and the importance of using it wisely is crucial, especially in these uncertain times. As a parent I know I want to make sure my children are well equipped to be financially wise and responsible in the world ahead.”
Konnie Huq, children’s author and presenter
“Faced with less regular pocket money, kids have been really entrepreneurial and proactive this year. This is true in its purest sense with the soaring proceeds from side hustles, but also in the business-minded approach they’re taking to earning around the house - managing to monetise not just chores but things like learning and personal development. I certainly wasn’t paid for doing my homework as a child! Every year I’m inspired to see the creativity and ambition of these young people and how engaged families are with pocket money and earning despite times being tough, which can only be a positive sign for the future.”
Will Carmichael, CEO and Founder of NatWest Rooster Money