No need to break the Piggy Bank

No need to break the Piggy Bank

New research by Halifax shows children across the UK are slowly turning to alternatives to the humble piggy bank. Two years ago 80% of children said they still owned a piggy bank; in 2019 this has fallen eight percentage points to 72%. In line with this drop in porcine penny gate-keepers, the number of children receiving some of their pocket money into a bank account has slowly increased over the same period, from 19% to 23%, and the number of children with bank accounts has held steady at 35%.  A further 4% of children now ask their parents to pay their cash into specific pocket money apps.  This increase in using bank accounts for pocket money has been spurred on by older children. 29% of boys and 32% of girls aged between 12 and 15, receive some of their pocket money straight into an account, compared to 18% of boys and 12% of girls aged 8 to 11.
Boys are more likely to go online to manage their accounts, with nearly a third (29%) of 12 to 15 year olds, choosing this option. In comparison a fifth (21%) of girls use internet or mobile banking to keep an eye on their pocket money.  Despite these findings, it’s not the end for snouted sentinels, as 89% of younger kids – those aged between 8 and 11 – still receive some of their pocket money in cash, with the figure only dropping slightly, to 81%, for children aged between 12 and 15.