A new comprehensive report on the Youth Economy which looked into the spending, earning, and saving habits of over 75,000 British children aged 6-18 years old revealed that Gen-Z is contributing £3.9 billion to the British Economy and collectively earned £4.5 billion in 2018.
This £4.5 billion of income came from pocket money and ad-hoc gifts, plus payments for undertaking informal household chores*, such as tidying their room (14% of payments), washing the dishes (9%), doing homework (6%) and brushing teeth (2%). Walking the dog earns the highest ‘wage’ (£1.50), along with good behavior (£1.45) and tidying their room (£1.40). Chores which pay the least include setting the table (£0.70), making the bed (£0.80) and brushing teeth (£0.80).
The average British child earns an average of £9 per week – or £39 per month – dependent on age and where they live. Children in London earn, on average, 20% more than those in the rest of the country. Welsh children are the lowest earners, with an annual income of £434 versus £581 in London. Notably, although less than the median UK gender pay gap of 9.6%, gohenry’s report shows a pocket money pay gap of 5% among British children aged 8-15 with boys earning on average £20 per year (40p per week) more than girls (£440 vs £420). This pay gap peaks at the age of 11, when boys earn an annual average of £404 compared to girls’ annual income of £371.
Aston spoke to Louise Hill, founder and Chief Operating Officer of gohenry who commissioned the 2019 Youth Economy report to discuss the report in more detail.