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.Download Report
The global pandemic changed the way we all interact with money. As we navigated lockdowns, social distancing and quarantines, children and teenagers faced huge upheaval – their schools were closed, exams were canceled and social contact with friends and extended family was strictly limited.
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 US children and teenagers indicates that the events of 2020 may have transformed kids' money habits for life.
When the pandemic first hit, children saved much more than usual, especially older teenagers
A detailed breakdown of how much children receive in spending 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 recognized that they could use their money to help others
Lucrative paid tasks such as gardening, car washing and daily exercise 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
Over half of children's spending now takes place online, driven by a huge increase in gaming spend