How kids spend their pocket money and what influences them

Beano Brain, the kids and family insight consultancy that grew out of the long-standing British comic, surveyed 8000 kids age 7-14 to understand how they are planning to spend the £38m they saved over lockdown.

Million Pound Kids explores the influences on spending choices, with friends’ recommendations the biggest influence (according to 46% of respondents). The next most important influences are browsing Amazon (43%), TV (34%), and TikTok (33%).

Why it matters

Financial habits develop early, and pocket money is typically the way in which children will establish their behaviour as consumers and financial agents. Understanding where this spending is happening paints a useful picture of young people’s brand preferences and perceptions. The picture that emerges is that a mix of the modern and the tested has a key impact.

Takeaways

The top five outlets for physical spending:  

1. McDonald’s/KFC – 51%
2. Smyths – 42%
3. GAME – 36%
4. Primark – 34%
5. Tesco – 33%

Top five online shops for spending:

1. Amazon – 52%
2. GAME – 35%
3. Smyths – 34%
4. Nintendo – 31%
5. eBay – 27%/ Argos – 27%

The context

It’s particularly interesting that the top outlets for physical spending are the QSRs McDonald’s and KFC. Especially in light of the proposed legislation banning ads featuring products high in fats sugar and salt (HFSS) online and on TV until after 9pm that is due to pass through parliament later this year.

Sourced from the Beano, PBS. Image: Beano Brain