Podcast
Questions and Answers
What is the total amount added to the UK economy every year by teenage spending?
What is the total amount added to the UK economy every year by teenage spending?
£1.7 billion
What percentage of their available income do teenagers tend to spend?
What percentage of their available income do teenagers tend to spend?
60%
What is the average weekly spend of a teenager in the UK?
What is the average weekly spend of a teenager in the UK?
£54
What percentage of teenagers buy second-hand items, often from online marketplaces?
What percentage of teenagers buy second-hand items, often from online marketplaces?
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What are some common ways that young teenagers might earn money?
What are some common ways that young teenagers might earn money?
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What proportion of teenagers interviewed keep a monthly budget?
What proportion of teenagers interviewed keep a monthly budget?
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What are the main categories where teenagers tend to spend their money?
What are the main categories where teenagers tend to spend their money?
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Why do teenagers see saving money as essential?
Why do teenagers see saving money as essential?
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How do boys and girls differ in their spending habits?
How do boys and girls differ in their spending habits?
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What percentage of teenagers save money every month?
What percentage of teenagers save money every month?
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What is the typical timeframe for teenagers' saving goals?
What is the typical timeframe for teenagers' saving goals?
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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.
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Description
A survey of UK teenagers aged 13-19 reveals their attitude towards money and spending habits. The results show a significant contribution to the UK economy.
