Here’s Why Your Kids Could be Coming Out of Lockdown Richer

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    Children may be heading out of the UK lockdown quids in as new research suggest a sharp rise in parents paying their kids for chores around the house.

    A new survey has suggested kids in the UK may be coming out of lockdown richer thanks to parents willing to pay more for help around the house.

    The pocket money findings are from shopping price comparison site idealo.co.uk, which quizzed parents across Britain to see if lockdown had made any impact on pocket money earnings and to uncover if children are receiving cash pay-outs for individual chores.

    The survey revealed children in the UK were capitalising on the COVID-19 situation, with some kids earning up to £20 for vacuuming, loading the dishwasher or even doing their homework during the lockdown.

    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.

    Three quarters of British households having saved money during lockdown**, as they are finding it hard to figure out what to spend their money 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.

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    Coming out of Lockdown: How Will Kids Spend Their Pocket Money?

    After earning their pocket money, it seems children are being more reluctant to part with their cash as we’re coming out of lockdown. 31 per cent are apparently spending less than they would before lockdown. 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.

    Here are the top 10 things children are planning on spending their pocket money on as we head out of lockdown:

    1. Video games – 37%
    2. Toys – 30%
    3. Hobbies – 26%
    4. Books – 24%
    5. Clothes – 23%
    6. Sports equipment – 21%
    7. Sweets – 20%
    8. Music – 13%
    9. Mobile Apps – 11%
    10. Jewellery – 8%

    Speaking about the research Katie Phillips, a representative from ideal.co.uk says, “It’s great to see children learning about finances and how to control them through difficult situations.

    “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.”

    She added: “Earning up to £20 for some chores will give kids the opportunity to spend on video games, toys, books and any of their favourite hobbies. By price comparing, they can get more for their money, which will gear them up for future saving and get them even more toys!”