11 Questions
What percentage of teenagers buy second-hand items?
20%
Why do teenagers keep a monthly budget?
To learn how to manage their money for when they are older and financially independent
What percentage of teenagers save money every month?
81%
What is the typical time frame for teenagers to save money?
Six months or so
What is the total amount of money added to the UK economy every year by teenage spending?
£1.7 billion
Why do teenagers save money?
For expensive things like tech devices or holidays
What percentage of their available income do teenagers tend to spend?
60%
How much does a 13-year-old teenager spend on average per week?
£13
What is one of the ways older teenagers might earn money?
Part-time job
What do teenagers tend to spend their money on?
Clothes and food
How do boys tend to spend their money differently from girls?
They spend more on games and accessories
Study Notes
Teenage Spending in the UK
- £1.7 billion is added to the UK economy every year by teenage spending.
- Teenagers spend around 60% of their available income, with an average spend of £54 per week.
- The average weekly spend varies with age, with 13-year-olds spending around £13 and 19-year-olds spending around £58.
Sources of Income
- Young teenagers receive weekly pocket money or a monthly allowance from their parents.
- Some teenagers earn money by doing odd jobs for friends and neighbours.
- Older teenagers may find part-time paid employment or holiday jobs, although these are becoming increasingly difficult to find.
Spending Habits
- Most teenage spending is in the retail sector, particularly on clothes and food.
- Teenagers also spend money on games and socializing with friends, such as going to the cinema or out for a coffee or night out.
- Boys tend to spend more on games consoles and accessories compared to girls.
Savings and Budgeting
- Around 20% of teenagers buy second-hand items, often online from eBay or Facebook Marketplace.
- About a quarter of teenagers keep a monthly budget to track their spending.
- 81% of teenagers save money every month for expensive items like tech devices or holidays.
- However, most teenagers only save money on a short-term basis, typically for six months or less.
Explore the spending habits of teenagers in the UK, including the total contribution to the economy, average weekly spend, and sources of income. Learn how age affects their spending patterns.
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