RoosterMoney, developer of a pocket money app and debit card, conducted its research showing how almost 3 in every 5 kids now prefer their pocket money digitally, instead of as cash.
As various video gaming currencies significantly increased in use among children over the pandemic, more and more children are preferring in-game money such as those from Roblox and Fortnite. RoosterMoney conducted a poll on over 2,800 parents, providing an insight to changing pocket money preferences as well as the future of pocket money.
Robux, V-Coins, Minecoins In the Lead
The survey revealed that over half of the respondents, 59 percent of them, agreed with the statement that children would rather have 1,000 V-Bucks currency to use in Fortnite (Epic Games' free-to-play Battle Royale game), or any similar gaming credit, or have £10 note in their pocket instead.
Additionally, when the respondents asked what gaming currencies they would like to be paid in, the following emerged as the top choices for kids: Robux, from the online game creation platform Roblox, at 67 percent; V-bucks from Fortnite at 52 percent; and Minecoins, used in the sandbox game Minecraft.
Although not all parents are ready to join their kids in these online games, much less teach them how to effectively handle their in-game money, RoosterMoney has an innovative and timely solution. With its proprietary app, RoosterMoney teaches kids the value of money, regardless of form or currency, by engaging them to "learn by doing." Despite being virtual money, these gaming currencies can still impart financial skills that kids can use in the real world.
"These results demonstrate the impact online gaming is having on children's understanding of money, and their saving and spending habits today. Kids are growing up surrounded by digital, online currencies, of which some may be more familiar with than traditional money - particularly as cash is being used less frequently," says Will Carmichael, RoosterMoney CEO, in a company statement. "But while the world of money is constantly changing, the fundamental principles remain the same around earning, saving, spending and giving. In fact, encouragingly, we found that kids' savings increased to 48% over lockdown."
About RoosterMoney
Carmichael adds: "At RoosterMoney, we believe parents should see these games as an opportunity to teach their kids the value of money, and embrace the fact they can be an engaging platform to learn from. We're currently planning to add a feature to our app that allows parents to track their child's video game currency purchases, to help parents make financial education for their children fun, and engaging."
RoosterMoney is a game changing pocket money app geared to help parents teach their kids the value of money in the digital world. It works for kids as young as four years old, earning "Stars" in the app as an introduction to the concepts of earning rewards. When they are ready, parents can start moving them into the Pocket Money Tracker - empowering parents to see how their kids earn, save towards their goals, and develop strong money habits.
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Published on Tech Times.
