The cost of living loomed large in 2022/23, leading many households to curb their spending – and it seems like Rooster Money kids cottoned on, setting aside a huge 8% of their earnings into their pots. That’s almost as much as their adult counterparts, with the latest household savings ratio sitting at 9.3% (ONS, 2023). Whether they were popping pocket money into their savings on their own, or taking advantage of the Rooster Money app’s** split allowance feature, that’s an achievement kids should be proud of!
Using savings pots on the Rooster Money app, kids have been setting some awesome goals, and in some cases hitting them. Saving up for a range of items and personal goals has allowed them to focus on what was most personally important to them. Seeing their pot grow with every deposit could’ve been a driving factor in meeting their goals, some of which were quite high! Some of our favourite success stories were:
💰 £1000 for a savings account
✈️ £900 for a travel fund
There were also some big ambitions, with kids showing some real aspiration…
🏡 £300,000 for a house
🖥 £250,000 to create a computer
All this awesome saving gives us an insight into what kids are most interested in, with the top four most popular savings categories staying the same year on year. Interestingly, though, gaming currencies have shot up to number five, knocking arts & crafts off its previous spot. With a huge increase of 220% in savings goals for video game currencies, this category shot up from 11th to 5th in just one year.