Article by Gina Spampinato

Kids’ Economy 2023/24: Annual study reveals just 1 in 3 families still give pocket money as we know it – but resourceful kids are finding new ways to boost their income

Kids are taking earning into their own hands as regular pocket money recedes

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"I look forward to our Pocket Money Index findings every year, as they always spark fascinating conversations about how money and our behaviour around it are changing – something most of us don’t talk about enough. One of the key revelations for me is the way kids’ money is completely changing shape. Although pocket money in its traditional sense is seemingly declining, that doesn’t mean it’s any less important; but rather that kids are increasingly complementing it in other, more sophisticated ways. This move to greater independence and maturity in their earning has been fantastic to see and bodes well for some bright, financially-confident futures ahead.”
Will Carmichael, CEO and Founder of NatWest Rooster Money
“I love that this data shows UK kids have such get-up-and-go when it comes to money. It’s so important that we give our children ample opportunities to understand its value; that it’s not something to take for granted – and it’s clear from NatWest Rooster Money’s findings that those conversations are happening and families are building awareness of this together. Thinking back on my own childhood, I didn’t have a regular allowance and I’m probably in a much better position for it, having had to make my own way with a Saturday job and get to grips with trade-offs and being responsible from an early age. If that kind of independence is becoming more common, that can only be a good thing.”
Konnie Huq, children’s author and broadcast presenter