Children are coming out of lockdown quids-in

June 27, 2020 M&D team 0 Comments life under lockdown, teaching children about money

A sharp rise in parents paying their children for individual chores is leaving kids quids-in during lockdown. As survey of 2,000 parents run by shopping price comparison site Idealo showed, 78% of parents are now rewarding their offspring for individual chores and some kids earning up to £20 for vacuuming, loading the dishwasher or even doing their homework. It is 27% year-on-year increase in weekly pocket money earnings.

It turns out some chores are worth more than others, with kids in Manchester able to pocket up to £65.70 a week if they complete 10 of the chores listed in the study, such as ironing and feeding pets. Youngsters in Belfast stand to make the least in the UK during lockdown, with potential earnings of up to £24.20 a week – still not to be sniffed at – if they complete their 10 tasks.

During the lockdown when, according to ITV, three quarters of British households having saved money as they are finding it hard to figure out what to spend it on, it turns out children across the country are learning to be money-savvy too, making the most of their parents’ generosity.

With some spare money in the bank, it seems parents are paying the big bucks for chores around the house, with some in Newcastle paying up to £20 on average to their children for doing the ironing. In Manchester, some parents will pay up to £15 just for making the bed.

After earning their pocket money, it looks like children are being more reluctant to part with their cash, with 31 per cent spending less than they would before lockdown as they couldn’t go into stores. 28 per cent are also saving their money rather than spending it straight away, with only 4 per cent trying to spend their money as soon as they receive it. The top five things children are planning to spend their money on are video games (37%), toys (30%), hobbies (26%), books (24%), and clothes (23%).

For more traditional parents that prefer to pay their child weekly pocket money rather than by chore, the average amount has risen 27 per cent year-on-year from £7.00 to £8.91 during lockdown. One in five London parents give their child over £20 a week pocket money, compared to none in Sheffield.

Idealo’s Katy Phillips commented on the findings: “Even simple tasks like cleaning your teeth and doing homework seem to be raking in the cash. Now is definitely the time for children to take advantage of their parents’ generosity. It’s great to see children learning about finances and how to control them through difficult situations. By price comparing, they can get more for their money, which will gear them up for future savings.”