More than a third of children ‘saving up to buy video games’

Video games are the items children are most likely to have been saving for during the coronavirus lockdown, a survey has found.

More than a third (35%) of eight to 15-year-olds said video games were on their wish lists, Halifax said.

Meanwhile, 28% of children have set the goal of buying new clothes, with 23% saving for new toys, according to the survey carried out between May and June.

More than nine in 10 (92%) parents said they actively encourage their children to save and 87% keep a close eye on what their children are spending their money on.

The average amount children received weekly in pocket money is £7.55, the research found.

Yet, despite their parents’ efforts, nearly one in five (17%) children reported not saving any of it.

Of those who are saving, one in six (16%) save all of their pocket money, potentially more than £30 every month. A fifth (20%) save at least three-quarters, and 29% save half.

Emma Abrahams, head of savings at Halifax, said: “Encouraging children to save from a young age is incredibly important, not least to encourage an understanding of the value of money, but to create an early positive relationship with managing finances.

“Many parents have used lockdown as a time to talk to their kids about saving and one of the best ways to create engagement is by setting tangible goals.

“By creating something visual like a savings chart or using a piggy bank, your child can see their wealth accumulating towards the item at the top of their savings wish list.”

– More than 550 parents and 1,100 children were surveyed.