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Questions and Answers
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?
60%
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?
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What are some common ways that young teenagers might earn money?
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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?
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Why do teenagers see saving money as essential?
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How do boys and girls differ in their spending habits?
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What percentage of teenagers save money every month?
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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.
