Pocket money unwrapped

Pocket money unwrapped

2023 was a busy year. We cheered on the Lionesses. We took a trip into the Spider-Verse. We drank ALL the Bubble Tea. We perfected our Barbie dance routines. We really tried – and mostly failed – to get tickets to the Eras Tour. 

 

Yes, we’ve certainly packed a lot into the last 12 months (or 52 weeks; 365 days; 8,760 hours; 525,600 minutes or 31,536,000 seconds). But before we kick off 2024, we’re taking a minute to unwrap our latest GoHenry data* to find out exactly how UK kids and teens spent, saved and earned money in 2023. 

 

Related: How much pocket money?

Show me the money! 🤑

In 2023, GoHenry kids earned over £274 million, with average weekly pocket money of £8.35 per child. The average amount that parents pay in pocket money increases with age, so six year-olds receive an average of £3.33 per week, rising to £15.78 per week for 16 year-olds. When it comes to pocket money, GoHenry members seem to be on course to reverse the gender pay gap: in 2023, girls out-earned boys by 3%.

 

 

Check it out 🛒

In the last year, young people have been going wild in the aisles: they spent more in grocery stores than in any other category. It’s probably overly optimistic to assume they were buying fruit, but once they stocked up on snacks, they were most likely to spend on gaming and fashion. Restaurants and takeaways were the fourth most popular category, followed by online marketplaces like Amazon and eBay. 

 

Work it! 💪🏻

GoHenry kids and teens are willing to work for some extra money, with average weekly earnings per task coming in at £0.74. But those that really want to boost their income should offer to babysit. In 2023, babysitting was the highest-paid task, with average earnings of £5.46. 

 

Money is obviously a great motivator when it comes to learning, as homework and daily reading were the top two paid tasks of the year. Young people also earned some extra cash by feeding pets, making their bed and tidying their room. 

Saving the best for last 👏🏻

Believe it or not, they must have been paying attention when we told them not to spend it all at once…

 

In 2023, GoHenry kids saved an average of £3.23 per week, rising to £4.15 in London. The average amount saved increases with age, and by the age of 18, they’re saving an average of £9.35 per week – which is almost £500 per year. 

 

Now that sounds like a great way to start 2024 🥳

 

 

*This data is based on a sample of 739,660 GoHenry members active between 01/01/23 and 02/12/23.

 

Related articles

Should I give pocket money for chores?

Pros and cons of pocket money

What age to give pocket money

Best pocket money apps

Ways for teens to make pocket money

https://cdn.gohenry.com/blog/authors/1612888038069@ceri-roberts.png
Written by Ceri Roberts Published Dec 22, 2023 ● 5 mins