UK kids set their sights on £6.7bn in savings as they look to their new year’s resolutions

New research has revealed the most popular New Year’s resolutions for British kids in 2023. Top of the list are parent-pleasing goals to keep their bedrooms tidy (18%), helping their parents more often (17.9%), and earning and saving money (17% each).

The research, conducted by OnePoll, suggests that 2023 is therefore going to be a big year for kids’ finances, with money-related goals pipping traditional resolution mainstays to the post – such as eating more greens (15%), being nicer to their siblings (14%), and being more environmentally friendly (10%).

The focus on finance also comes through when looking at data provided by NatWest Rooster Money. This data, aggregated from thousands of children across the UK, shows that kids are aiming to save an average of £697.11 each as of the end of December 2022. Extrapolated across all 6-17 year olds in the UK, this could equate to a whopping £6.7bn.

Whilst ambitious – particularly given a challenging economic context – the lofty goals highlight the importance of kids exploring money concepts and being able to get to grips with its value in a safe space.

The things they’re saving for range from days out to books and streaming subscriptions. However, video games and gaming accessories take the top spot as the most-saved-for item, accounting for the most goals created on the NatWest Rooster Money app in December with a target of over £191,000.

It’s also big-ticket, moonshot items that are pushing up the totals. Some kids have their sights on global travel, campervans, and even a new supercar – setting targets of up to £600,000. Meanwhile some particularly thoughtful youngsters are putting money away for their first house or even their mum or dad.

Having the ambition to save money is one thing – but sticking to it is something else. Data from NatWest Rooster Money from the last two years suggests that kids make far better progress towards their goals when they’re hot off the new year’s resolution buzz, highlighting why now is a key time for parents to engage with their child around money.

Throughout the year, kids save an average of £29.68 towards their goals each month, but in December and January this shoots up by 29% to £38.30 saved per child thanks to a winning combination of Christmas money and fresh New Year intent.

They’re also more ambitious in the new year, with the data showing a 33% uptick from December 2021 to January 2022 in the number of goals created – suggesting kids are also using the new year as a prime time to kick off their financial aspirations.

When asked by OnePoll what’s most helpful for sticking to their new year’s resolutions, the most common answer for kids across the UK (20%) was ‘having a physical reminder’, such as saving coins in a piggy bank, or leaving notes to tidy their room. A further 20% reckoned ‘doing it every day’ was a key factor, showing children get that action and routine are key in reinforcing new behaviours.

The idea of earning rewards, like more game time or new toys, was another big incentive (17%), as was getting help from parents or loved ones (17%), outlining the importance of family, guardians and friends.