Piggies no longer hog the pocket money market

Around three out of four children still have a piggy bank, but bank accounts and apps are becoming more popular.
Around three out of four children still have a piggy bank, but bank accounts and apps are becoming more popular.

The humble piggy bank’s days could be numbered – as fewer children are receiving their pocket money in cash.

Although research by the Halifax shows that 72 per cent of children still had a piggy bank, that’s eight per cent down on last year.

Over the same period, the number of children receiving some of their pocket money into a bank account has slowly increased, from 19 to 23 oper cent, and the number of children with bank accounts has held steady at 35 per cent.

A further four per cent of children now ask their parents to pay their cash into specific pocket money apps.

Boys are more likely to go online to manage their accounts, with nearly a third of 12-15 year olds, choosing this option. In comparison a fifth of girls use internet or mobile banking to keep an eye on their pocket money.

Giles Martin, head of savings at Halifax, said: “Whilst almost a quarter of children now receive some of their pocket money into a bank account, there is a still a place for the humble piggy bank.”