The Legacy
of Lockdown

The UK Youth Economy Report

This year, our Youth Economy Report gives unique insight into the various ways in which the youth economy has been impacted by the COVID-19 pandemic.

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2020

was a year like no other

The global pandemic changed the way we all interact with money. As we navigated lockdowns, social distancing, self isolation and quarantines, children and teenagers faced huge upheaval – their schools were closed, exams were cancelled and social contact with friends and extended family was strictly limited.

Adapting to change

We know that living through COVID-19 has had a significant impact on young people across the globe. Our data on the earning, saving, spending, and giving habits of UK children and teenagers indicates that the events of 2020 may have transformed kids' money habits for life.

Key Highlights

A detailed breakdown of how much children receive in pocket money by age, gender and location

Children say that money worries have affected their mental wellbeing since the start of the pandemic

Charitable giving increased, as young people recognised that they could use their money to help others

The lucrative paid tasks, including gardening, car washing and daily exercise, which boosted kids’ earnings

The shift to a cashless economy, as children admit that they’re wary of handling cash since the outbreak of COVID-19

How over half of children's spending now takes place online, driven by a huge increase in gaming spend

Elsa

I like to use my gohenry card for my pocket money and chore money. It feels safer to use my card when there is COVID around. I don’t want to use coins that other people have touched as I could get germs on my hands. My gohenry card is mine and I love to use it online and in shops with my mum and dad.
I do my chores and get pocket money that I can save or spend!

To find out more

Click on our reports below to find out just how Gen A's and Gen Z's attitudes to money have been shaped by the events of the past year.

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