The majority of kids have been reacting positively to these financial changes
Third of UK kids get pocket money directly into bank accounts. Source: shutterstock.com
According to research, 29% of British parents admitted to paying their kids to increase their motivation during the lockdown.
Among them, 61% of parents handed over cash to keep their kids quiet while they worked from home, whereas 53% paid children to finish their school work.
In fact, 15% of parents also admitted to paying their kids to entice them away from screens. 15% and 7% of parents paid children to make them go to bed on time and get outside for exercising, respectively.
At the same time, 26% of kids would be willing to sacrifice some of their pocket money, if they were granted more luxuries, such as extended screen time.
Along with that, 31% of parents had changed the way they paid their kids during the lockdown. Indeed, this is reflected in the drop in the number of children getting cash.
For instance, in 2019, 83% of parents paid pocket money in cash, compared to 69% this year. Therefore, 30% now get pocket money directly into their personal bank accounts, compared to 24% a year ago.
The pandemic has put a financial burden on many families. This way, 23% have had to reduce or temporarily stop paying anything to their children.
We’ve reported that 46% of all transactions in the UK have been made online since strict social distancing rules were introduced. For comparison, only 27% of transactions were made online in 2019.
SEE ALSO:
Pay Space
Our editorial team delivers daily news and insights on the global payment industry, covering fintech innovations, worldwide payment methods, and modern payment options.
