Parents may have been hit financially, but some kids will get out of the lockdown better than ever.
Many families who are struggling have no choice but to stop paying for pocket money after losing their income.
But others say pocket money has become an essential bargaining chip as they try to provide childcare and jobs. In an effort to keep children busy, many now offer money as a reward in exchange for helping with household chores.
Helpers: Dietmar Morley oversees Robbie, who made an extra $ 40, and Lauren, who put € 90 on top of their regular pocket money
Just like adults, children also have fewer options for spending their savings. The average amount deposited in pocket money app nimbl has risen 16 percent to £ 17.88 in the past three months, compared to the previous three months.
Research from the app also found that young people have gotten better at saving for larger items, with the number of transactions increasing by £ 30 or more by 88 percent over the same period.
Mark Brant, director of nimbl, says, “There is anecdotal evidence suggesting that children have seen parents cut spending, so they will copy their behavior. Conversations and experiences at home have a huge effect on how children view money.
“I understand that some parents have increased their children’s pocket money to cheer them up by locking up and entertaining them.
It also seems to be the case that grandparents give a little extra pocket money because they won’t be seeing their grandchildren for the time being.
“We are in challenging times, so it is very important that parents help children develop budgeting and savings skills.”
Dietmar and Lynne Morley, of Desborough, Northamptonshire, say their children’s spending habits used to be a “bone of contention.”
The couple was desperate for their children to develop a savings habit early on. But Lauren (11) and Robbie (eight) have had none of it so far.
Pressed: Helen Holden, 44, had to stop giving her daughters Martha, 12, and Rosie, 11, their weekly £ 5 allowance when work dried up
Since Dietmar, 52, a project manager and Lynne, 49, a finance director were lucky enough not to get fired or get a cut in pay during the lockdown, they continued to give pocket money: Lauren got £ 4 a week and Robbie received £ 2.
However, homeschooling quickly created an opportunity for the kids to increase their savings. The couple downloaded a free app called ClassDojo, which allowed them to set up home and school tasks and offer rewards.
Practicing the flute, cleaning their room or doing an hour of French online would make the kids a point.
Once they accumulated 200 points they received £ 10. Robbie made an extra £ 40 while Lauren pocketed £ 90. Dietmar says, “Lauren is desperate for points, while Robbie is more blasé.
However, both have certainly saved more during lockdown and have developed an understanding of what to do to earn rewards.
Robbie tends to hold his money until he sees something he likes, and prefers that we put the money on a smartphone account linked to a prepaid card.
“Lauren will save her money for a family trip to Disneyland next year and would like to receive cash she can put in a jar.”
Research by pocket money app Nimbl showed that young people have become better at saving for larger items
Amy-Jane Boatman, 43, interrupted child support at the start of the closure. Her son Warwick (13) usually received £ 25 a month, while her daughters Lara (11) and Poppy (nine) received £ 10 each.
While still working as a vet, she was concerned about what might happen to the economy in the future.
However, after a month of struggling to occupy her children at home, Amy-Jane, who lives in Wiltshire, started giving them pocket money again. She also offered additional rewards for certain tasks.
She already expected that they would perform a number of tasks, such as changing their bed linen, without a reward. But others, like vacuuming or helping in the yard, could earn the kids extra.
She says, “The kids find it important to be both busy with jobs and making money. They now ask me what tasks they can do to increase their allowance. Warwick now washes cars and chops wood for family members. ‘
Amy-Jane adds that they have developed a better understanding of how her income and their pocket money are linked.
She says, “They know they won’t get it every month because it depends on whether there’s any money left.” Graphic designer Helen Holden, 44, had to stop giving her daughters Martha, 12 and Rosie, 11, their weekly £ 5 allowance when the work dried up.
She said they liked it because they had nowhere to spend it, and continued to help at home.
When the stores reopened and work was picked up, Helen recovered their fees again and found they had become more thoughtful with money.
Helen, who lives in South London, says, “The girls who love makeup had gone straight to Superdrug. But they took a blusher and put it back because they realized they didn’t really need it. ‘
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