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line 8 Deprecated: Using null as an array offset is deprecated, use an empty string instead in /var/www/html/wp-includes/class-wp-theme-json.php on line 2397 UK kids set their sights on £6.7bn in savings as they look to their new year’s resolutions - NatWest Rooster Money
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Article by Gina Spampinato

UK kids set their sights on £6.7bn in savings as they look to their new year’s resolutions

  • In 2023, earning and saving money are higher priority for kids than schoolwork, being nice to siblings or upping their recycling efforts, according to a OnePoll study
  • Kids using NatWest Rooster Money goals are aiming to save an ambitious £697.11 each - amounting to a whopping £6.7bn when scaled to the UK as a whole
  • These impressive goals show the importance of kids exploring money concepts in a safe space, to enable them to get to grips with its real value
  • Physical reminders, routine and family and guardian support all emerged from the research as influential in seizing on new year’s resolutions and building key life skills early

New research has revealed the most popular New Year’s resolutions for British kids in 2023. Top of the list are parent-pleasing goals to keep their bedrooms tidy (18%), helping their parents more often (17.9%), and earning and saving money (17% each).

The research, conducted by OnePoll, suggests that 2023 is therefore going to be a big year for kids’ finances, with money-related goals pipping traditional resolution mainstays to the post – such as eating more greens (15%), being nicer to their siblings (14%), and being more environmentally friendly (10%).

Top 10 new year’s resolutions (average list):

  1. Keep my room tidy
  2. Help my parents more
  3. Start finding ways to make my own money
  4. Save more money
  5. Eat more healthily
  6. Do my homework on time or trying harder at school
  7. Be nicer to my sister / brother / parents
  8. Be more active
  9. Make new friends
  10. Be more eco-friendly

The focus on finance also comes through when looking at data provided by NatWest Rooster Money. This data, aggregated from thousands of children across the UK, shows that kids are aiming to save an average of £697.11 each as of the end of December 2022. Extrapolated across all 6-17 year olds in the UK, this could equate to a whopping £6.7bn.

Whilst ambitious – particularly given a challenging economic context – the lofty goals highlight the importance of kids exploring money concepts and being able to get to grips with its value in a safe space.

The things they’re saving for range from days out to books and streaming subscriptions. However, video games and gaming accessories take the top spot as the most-saved-for item, accounting for the most goals created on the NatWest Rooster Money app in December with a target of over £191,000.

It’s also big-ticket, moonshot items that are pushing up the totals. Some kids have their sights on global travel, campervans, and even a new supercar – setting targets of up to £600,000. Meanwhile some particularly thoughtful youngsters are putting money away for their first house or even their mum or dad.

How well do they stick to these goals?

Having the ambition to save money is one thing – but sticking to it is something else. Data from NatWest Rooster Money from the last two years suggests that kids make far better progress towards their goals when they’re hot off the new year’s resolution buzz, highlighting why now is a key time for parents to engage with their child around money.

Throughout the year, kids save an average of £29.68 towards their goals each month, but in December and January this shoots up by 29% to £38.30 saved per child thanks to a winning combination of Christmas money and fresh New Year intent.

They’re also more ambitious in the new year, with the data showing a 33% uptick from December 2021 to January 2022 in the number of goals created – suggesting kids are also using the new year as a prime time to kick off their financial aspirations.

When asked by OnePoll what’s most helpful for sticking to their new year’s resolutions, the most common answer for kids across the UK (20%) was ‘having a physical reminder’, such as saving coins in a piggy bank, or leaving notes to tidy their room. A further 20% reckoned ‘doing it every day’ was a key factor, showing children get that action and routine are key in reinforcing new behaviours.

The idea of earning rewards, like more game time or new toys, was another big incentive (17%), as was getting help from parents or loved ones (17%), outlining the importance of family, guardians and friends.

“The behaviours and perceptions that we establish around money in our early life are often those that remain with us into adulthood. So the new year - as a time for reflection and resolve - can be an excellent time to help kids get their relationship with money off to a good start. One way to do that is by setting savings goals, which introduces kids to concepts like the value of money, earning, and making considered choices about how we use our money.

“And what’s really striking is the size of some of the targets being set. They average out to almost £700 per child - reflecting the huge aspirations of children when they are given the chance to set targets for themselves.

“That brings us back to the core of NatWest Rooster Money’s purpose: enabling families to help kids build key life skills around money, together. We give them a safe place to explore and have a bit of fun with money concepts like saving, before putting it all into practice as grown-ups. It’s clear that young people already have great financial instincts - and we’re here to guide those earlier steps towards their best financial futures.”
Will Carmichael, CEO of NatWest Rooster Money

-Ends-

Notes to editors

For more information, please visit NatWest Rooster Money’s homepage here. To arrange further interviews or comment, please get in touch with our press team:

Press Contact:

Elizabeth James, Account Director, Common Industry
Email: elizabeth.james@commonindustry.co.uk
Tel: +44(0) 7534 178225

About NatWest Rooster Money

NatWest Rooster Money is a kids’ prepaid debit card and pocket money app that gets kids confident with money, preparing them for brighter futures. Founded in 2015, RoosterMoney relaunched as NatWest RoosterMoney in May 2022. The app features a range of flexible features for kids from 3 to 17, including a Star Chart and a Virtual Pocket Money Tracker to kick start money management, through to premium offerings such as Chore Manager and the Rooster Card (a prepaid debit card for kids over 6). Rooster Money was voted Best Children’s Pocket Money App in the Moneynet Awards 2021 and Best Kids’ Spending App in the Finder Banking Innovation Awards of 2020.

Families can get a one-month free trial when taking out a Rooster Card. A subscription costs £1.99 per month or £19.99 per year. Subscription will auto-renew unless cancelled. NatWest Group customers can get up to 3 Rooster Cards free for their family for 12 months. Customers must be registered for mobile or online banking with kids aged 6 to 17.

The Rooster Card is issued by National Westminster Bank Plc pursuant to a licence from Visa Europe. National Westminster Bank Plc, company registration number 00929027, are an authorised electronic money institution authorised and regulated by the Financial Conduct Authority (FRN 121878).

Methodology

£6.7bn figure based on the UK population of children aged 6-17 (9,602,115 – ONS).

Savings goals taken from NatWest Rooster Money’s goals data from December 2021-January 2023.

Further stats from results of a poll in which NatWest Rooster Money surveyed 1,000 children in November 2022 via OnePoll.

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