Majority of children now use money apps

Almost two-thirds (61 per cent) of UK children now manage their pocket money with an app, according to research.

Personal finance site finder.com commissioned research among 1,000 children aged between ten and 15 to gauge finance app take-up amongst kids.

It found around half (49 per cent) of ten-year-olds use a money app to manage their pocket money, while the figure rises to 71 per cent of 14-year-olds and 68 per cent of 15-year-olds.

More than seven-in-ten (72 per cent) kids said that parents had given them advice on how to manage their own money.

The second most common source for information was schools, with over one-in-five (22 per cent) children receiving guidance from teachers.

But only 14 per cent said they had learned about money management via a bank or a money app provider. Though 64 per cent were interested in learning how to manage cash via an app.

Other sources of information were the internet (12 per cent) and friends (10 per cent).

Worryingly, 15 per cent said they had never received any advice on how to manage their own money or finances.

The majority of kids save some of the money they receive, with only 15 per cent saying they don’t keep some tucked away.

Michelle Stevens, banking specialist at finder.com, said: “Money management apps have come a long way. Intuitive layouts plus robust safety features, like spending limits and parental controls, enable kids to use their technological skills to manage their money in a practical and safe way.

“Our research though suggests there is an opportunity for schools and the apps themselves to help teach money management.”

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