As society moves towards a cashless world, many parents are turning to payment cards and apps to give their children pocket money. These services work by providing a contactless prepaid card for kids to use in shops and online, with money loaded onto the card and parents able to monitor spending via an app. Services such as NatWest’s Rooster Money, Revolut <18, GoHenry, Osper, nimbl, and HyperJar all offer their own variations of these features, with varying monthly or annual fees. Alternatively, for children eleven and older, traditional children’s bank accounts can be used, but with less parental oversight. The amount of pocket money that children receive varies widely according to age and location, with the recent NatWest Rooster Money’s annual pocket money index report showing an average of £6.42 a week for children. Parents are increasingly moving towards rewarding children for one-off events, rather than committing to a regular fixed amount. Chores can also be used to earn pocket money, with most children completing tasks such as making beds and feeding pets. Encouraging children to save is also important, with Rooster Money reporting that kids saved an average of 8% of their earnings last year.
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