ATLANTA–It appears the nation’s kids are contributing to all that liquidity in financial institutions by saving more and spending less.
A new analysis from Greenlight, which issues a debit card for kids that is managed by parents, offers an overview of the personal finance habits of kids, including how they’re saving, spending, and donating.
Among the findings of the analysis of 2020 habits among its cardholders:
- The average weekly allowance was $11.80
- Kids saved $51.5 million in 2020, compared to $13.5 million in 2019
- Kids spent $82 per month on average, down from $91 in 2019
- Donations increased 78% from March to April as the pandemic took hold but Giving Tuesday (Dec. 1) marked a record high of daily donations. No Kid Hungry was the top charity
- Kids completed 20% more chores each month in 2020 than they did in 2019
- Doordash soared to become the most popular merchant for kids. McDonald’s, Chick-Fil-A, and Starbucks round out the list as the most popular places for kids to spend, compared to last year where retailers like Walmart, Amazon, and Microsoft led the list, the company reported.
Additional data can be seen in the chart below.