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.