Skipton Pocket Money Survey reveals the spending and saving habits of children in the Channel Islands
Over 70% of children in Jersey and Guernsey regularly save their pocket money.
A survey by Skipton International found just over half the children on the islands – 53% - receive pocket money, averaging £2-£4 per week.
The Skipton Pocket Money Survey is the first of its kind to study the spending and saving habits of children in Jersey.
Skipton International, surveyed over 200 parents in the Channel Islands from late 2015-early 2016. Average respondents were aged 36-45, had household earnings of between £50 - £100,000, with two children, aged between six to eight.
The survey found that children spend their pocket money primarily on toys, followed by appearance and clothing, then computer games and apps.
Families with more than one child are more likely to give pocket money and reward their children for completing household chores then those with just one child.
Jim Coupe, Managing Director, Skipton International, said: “Pocket money is a great tool to help young people understand the value of money and to start good habits regarding saving and money management early on in life.
“The findings have been really insightful and it’s encouraging to see children are choosing to save the money they are given from a very young age.”
Skipton International offers a range of offshore savings accounts for Channel Island and expat savers. The Channel Island-registered bank has been shortlisted by Moneyfacts for Best Offshore Account Provider, an award Skipton has either been commended for, or won, for the past six years.