Pocket Money - UK

Published by: Mintel International Group Ltd.

Published: Jun. 1, 2008 - 75 Pages

Table of Contents

Issues in the Market

Key issues

Definition

Market in Brief

Pocket money declining

Spending patterns

Girls will always want clothes

Attitudes to money

Internal Market Environment

Key points

Children have changed

Computers are taking over

Figure 1: Attitudes of youth towards computers, and time spent on the Internet, by gender and age group, 2007

Figure 2: Trends for home ownership of computer/hand-held consoles, 2003-07

Mobile phones now standard among the 11s+

Figure 3: Attitudes of youth towards media, by age group, 2003-07

Princes and princesses

Figure 4: Agreement with statement ‘I find it difficult to say no to my kids’ by parents/guardians, 2007

Healthy eating

Figure 5: Attitudes towards healthy eating, 2003-07

Broader Market Environment

Key points

Financial worries creeping in

Figure 6: PDI and consumer expenditure, at current prices, 2003-13

Less competition for money?

Figure 7: Trends and projections in the UK child population, by age group, 2003-13

Guilt money

Figure 8: Working population by gender, 2003-13

Advertising to children

Competing Demands on Spend

Key points

Toys rule!

Figure 9: Trends for how 7-10s use their money, 2003-07

Moving out of control

Figure 10: Trends for what 11-14s spend money on per week, 2003-07

Financial prudence

Figure 11: Trends for what 15-19s spend money on per week, 2003-07

Strengths and Weaknesses in the Market

Strengths

Weaknesses

Pocket Money Overview

Key points

Grannies getting less generous

Figure 12: Trends for source of money received by 7-10-year-olds, 2003-07

Top up income

Figure 13: Trends in source of additional money received by 7-10-year-olds, 2003-07

Parents getting tough

Figure 14: Trends for source of money received by 11-14-year-olds, 2003-07

Girls get extra money

Figure 15: Trends for source of additional money received by 11-14-year-olds 2003-07

Figure 16: Trends for source of money received on a regular basis by 15-19-year-olds, 2003-07

Less money is being given

Figure 17: Trends for pocket money received per week by 7-10-year-olds, 2003-07

11-14s worse off

Figure 18: Trends for pocket money received per week by 11-14-year-olds 2003-07

15-19s also losing out

Figure 19: Trends for pocket money received per month by 15-19-year-olds, 2003-07

Parents enjoy indulging their children

Figure 20: Agreement with the statement ‘My parents buy me everything I want’, 2007

Forecast - future trends

Figure 21: Forecast of the average weekly income received by children at current prices 2003-13

Figure 22: Forecast of the average weekly income received by children at real prices 2003-13

Factors used in the forecast

Pocket Money Spending Patterns

Key points

A mixed bag

Figure 23: Average amount spent per week on individual items by 11-14-year-olds 2003-07*

Primark is a girl’s dream come true

Computer/video games outpricing their targets?

Living within their means

Figure 24: Average amount spent per week on individual items by 15-19-year-olds, 2003-07*

A Nation of Savers?

Key points

Saving to save…or to buy something ?

Figure 25: Proportion of children who save and the average weekly amount, by age band, 2003-07

Following their parents

Figure 26: Frequency of saving or investing for own children by parents at the family lifestage, by gender, age, socio-economic group, income and newspaper readership, July 2007

Savers or spenders?

Figure 27: Attitudes towards money, by age group, 2007

Frittering money

Saving success

Figure 28: Average amount saved weekly, by attitude to money, 2007

Appendix

Abbreviations

Appendix: Internal Market Environment

Figure 34: Trends for leisure lifestyle statements amongst 7-10-year-olds, 2003-07

Figure 35: Trends for leisure lifestyle statements amongst 11-14-year-olds, 2003-07

Figure 36: Trends for leisure lifestyle statements amongst 15-19-year-olds, 2003-07

Figure 37: Types of technology in the home, 15-19-year-olds by gender, 2007

Appendix: Broader Market Environment

Figure 38: Number of live births and fertility rate in England and Wales, 2003-13

Figure 39: Average number of children per womon, 1996-2006

Figure 40: Percentage change in UK household size, 2003-13

Figure 41: UK marriage-divorce ratio trend, 2003-13

Figure 42: Children of divorced couples, by age of child, England and Wales, 1970-2005

Appendix: Competing Demands on Spend

Figure 43: How 7-10s spend their money, 2007

Figure 44: What 11-14s spend money on per week, 2007

Figure 45: What 15-19s spend money on per week, 2007

Figure 46: Who pays for mobile phone calls, 2007

Figure 47: Examples of food items competing for children’s pocket money, 2003-08

Figure 48: UK retail sales of teenage magazines, by volume and value, 2003-08

Appendix: Pocket Money Overview

Figure 49: Source of regular pocket money received by 7-10-year-olds, by demographics, 2007

Figure 50: Source of additional money received by 7-10-year-olds, by demographics, 2007

Figure 51: Source of money received by 11-14-year-olds by demographics, 2007

Figure 52: Source of additional money received by 11-14-year-olds by demographics, 2007

Figure 53: Source of money received on a regular basis by 15-19-year-olds, by demographics, 2007

Figure 54: Total money received per week - 7-10-year-olds by demographics, 2007

Figure 55: Total money received per week - 11-14-year-olds by demographics, 2007

Figure 56: Total money received per month -15-19-year-olds by demographics, 2007

Figure 57: Average money received per week, 7-19-year-olds by demographics and attitudes to money, 2007

Appendix: A Nation of Savers?

Figure 58: 7-19-year-olds who have a bank or building society account, 2003-07

Figure 59: Frequency of saving or investing for own children by parents at the family lifestage, by gender, age, socio-economic group, income and newspaper readership, July 2007

Figure 60: Types of saving and investment products held for or on behalf of children, by age of own children in household, July 2007

Figure 61: Adult saving rates at constant 2003 prices, 2003-13

Figure 62: Attitudes to money, by age, 2007

Figure 63: Attitudes to money, by socio-economic group, 2007

Figure 64: Pocket money spending patterns, by attitudes to money, 7-10s-year-olds, 2007

Figure 65: Pocket money spending patterns, by attitudes to money, 11-14-year-olds 2007

Figure 66: Pocket money spending patterns, by attitudes to money, 11-14-year-olds 2007

Abstract

The emergence of a child-centered society in which parents prioritise the wants and needs of their children means that many parents are focused on pleasing their children. However, the amount of pocket money given has fallen in real terms.

Young children are increasingly adopting adult lifestyles as part of the well-documented process - Kids Growing Older Younger affects what they want to spend their own money on.

Sales of crisps and confectionery have been affected by the drive to healthy eating. The number of children spending money on these items has dropped together with the average amount spent.

Key report issues:

• Impact of tightening economy on parental generosity
• Children’s expenditure patterns are changing in response to the new economy
• Differential spends between younger and older children.

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