Kids haven’t just shown resilience in the face of being home-schooled by frantic parents during lockdowns. Data from pocket money tracker RoosterMoney reveals that many have also demonstrated keen entrepreneurial skills by selling their toys online.
[top_pitch]
How much have kids earned by selling toys online?
RoosterMoney’s Pocket Money Index sampled 50,000 children aged four to 14 over lockdown. The research found that more than 14% of children were earning extra cash by selling pre-loved toys and clothes online.
Top websites preferred by entrepreneurial kids were (in order):
As well as selling toys and other belongings online, these commercially-minded kids were also topping up their pocket money by doing extra chores. This took average weekly pocket money from £5.15 in the first part of 2020 to £7.20 in 2021. That’s a none too shabby 40% increase in earnings.
RoosterMoney’s data also revealed that kids definitely worked hard for that increase as they doubled the number of jobs they did around the house. The top five most lucrative tasks and average earnings were:
- Washing the car: £2.97
- Mowing the lawn: £2.67
- Washing windows: £1.78
- Raking leaves: £1.78
- Cleaning the bathroom: £1.24
[middle_pitch]
What are children buying?
It’s a sign of the times that old-school treats like sweets, books and magazines have been usurped by digital games like Roblox and Fortnite. In fact, out of the ten top items kids spent their money on, six were game-based.
Not even the mighty Lego could retain its position. It dropped to being the fifth most popular kids’ purchase, down one place from the previous year.
Unsurprisingly, kids were also spending their money online as non-essential shops remained closed. Fulfilling their digital fix, top stores included Amazon and the Google Play and Apple App stores.
But selling toys online hasn’t just been for self-interest. The survey also highlighted that the top three charities chosen by kids were Comic Relief, the National Trust, and WWF (the wildlife one because wrestling is not a charitable cause).
What else are kids doing with their money?
Not only are modern kids digitally savvy and entrepreneurial, but they are also money-wise and saving more cash. The average amount saved was 48%, up from 32% in 2020. This is great news as kids savings accounts generally pay more interest.
Commenting on RoosterMoney’s findings, CEO Will Carmichael said: “The Pocket Money Index has been running for over four years now, reflecting the behaviours of children’s relationship with money.
“What’s interesting is that our data shows that kids are saving more than a year ago through seeking out extra jobs to do within the home, and selling items through online platforms indicating how time at home has stimulated entrepreneurialism within families.
“Building good habits and managing money with confidence has never been more important. It’s great to see that, despite the challenges for families stuck at home, it has encouraged opportunities for kids to develop money skills that will stick with them for life.”
If you fancy taking a leaf out of the kids entrepreneurial playbook and selling your things online, take a look at these tips to sell your old furniture and even your old laptop.
