Wednesday, 27 March 2013

Roosterbank and children's pocket money

Having three kids, pocket money is something that regularly crosses my mind as I'm a little on the soft side and cave in the minute they want something. However, the older they get the more i realise that they need to take charge of their own money and learn to budget what they get, also so they will appreciate what they are bought that much more than they do already.
Roosterbank is a fun a educational way to let your child budget their pocket money online. Along side this there are educational games and learning.
Here's a little more about Roosterbank...

Pocket money experts, Roosterbank, have announced a surprising change in tradition for youngsters in Britain today.

It appears that warnings on childhood obesity may be getting through because a study by the website, which helps families develop regular pocket money routines, has found that children will be more likely to ask for cash over chocolate this Easter as they endeavour to build their own nest eggs.

Ben Edwards, CEO of Roosterbank, says, "Easter eggs will always be popular. After all, who can resist a sweet treat? But we are also noticing an emerging trend whereby children prefer to receive cash to boost savings rather than chocolate."

Roosterbank, which currently helps over 1,000 children keep track of their pocket money, has noticed a trend towards children saving up for a larger purchase rather than immediately spending their earnings.

Ben continues, "We know children are picking up on how the economic situation is affecting the household budget and they are reflecting their parents’ attitudes by putting saving before spending. Kids are taking a stronger interest in money management and through studying the young users on Roosterbank, we have seen a clear preference for saving."

Roosterbank enables children to track, manage and choose how to use their own pocket money, whether that is creating a nest egg for the future, saving for a desired item or donating to charity.

"I absolutely believe children should learn financial life skills from an early age and managing their own pocket money gives them the opportunity build their skills before the time comes to open their own bank account," concludes Ben.

Ruby Robertson, 8, from Harpenden, regularly saves on Roosterbank.

"I definitely prefer to receive pocket money over chocolate. I like saving most of my money, but every now and then I will spend small amounts and buy things like Moshi Monsters toys and books. My dream is to save enough to go to University," says Ruby.

"My Dad and I talk about money more now. When we go to the shops and I want something, we discuss if it’s worth it or if I should save my money for something else. Since using Roosterbank, I have been more sensible with my money."

Case studies of families with children who use Roosterbank to manage the pocket money they earn by helping out around the house are available upon request.

Roosterbank was established in 2012 and is a free-to-use website that has reinvented the way families manage pocket money. The website makes it easy for parents to develop a regular pocket money routine and helps children to learn about day-to-day saving and spending from an early age via simple tools and fun games.

Roosterbank encourages children to take responsibility for their own money, preparing them for the day when they open their own bank accounts.

Pocket money on Roosterbank is virtual so no real cash deposits are required. Parents use the site to keep track of pocket money transactions, set up regular weekly pocket money payments, make ad hoc 'boosts' and approve spending. Children can use their pocket money online, in the carefully-curated Rooster Shop that is designed with them in mind, or in traditional retail environments.

Via a personal online account, children can view their balance and make decisions about what to do with their pocket money. That may be building a nest egg for the future, for which they are rewarded, donating to charity or saving up to pay for a favourite treat. Roosterbank also provides exclusive access to educational games and two safe communities designed for especially for young savers.

I had a sneaky peak myself and signed all my girls up, sounds like something that we can really work into our daily routine and educate them with the value of money all in a fun way that they can understand and take control of, i hope you choose to sign up too!

L x