Crypto Currency for Youth

Parents are paying children in 'digital currency


Pocket money
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Parents are ditching traditional pocket money in favour of paying children in 'digital currency', survey finds.

Over a quarter of parents pay their children in digital currencies for use in gaming communities such as Minecraft and Moshi Monsters or online services like iTunes, the poll revealed

Separately, one third now opt to transfer a weekly amount into their children’s digital bank accounts.

The research, commissioned by financial technology firm, Intelligent Environments, also found nearly four in 10 parents choose not to give their children any pocket money, instead preferring to transfer the funds into a savings account in their children’s name.

Some parents have been forced to hand digital money to their children as their preference is to buy music or play games online rather than buy sweets.

Gary Monaghan, a 42 year-old dad in North London, gives his children pocket money digitally.

Mr Monaghan says: “I give my son Noah pocket money by topping up his Xbox account, while my daughter Lola gets money put on her iTunes account to buy music.

“They don’t really ask for toys, sweets and football sticker books the way I used to – what they really want is all online these days.

“Noah uses his credit to buy new games or spend it on in-game purchases in his favourite games, and Lola uses the top-up to buy the music she loves.

David Webber, managing director at Intelligent Environments, said the increase in usage of digital devices by youngsters has altered the way we handle money.

Mr Webber said: “Nothing has changed more than the way in which we manage our money; our research shows that in a world of apps, e-books, digital music, and online games, more children than ever are asking for their weekly allowance digitally to fuel modern-day spending such as in-app purchases, in-game currency and digital music downloads."

The research was carried out by Censuswide and it polled 2,000 UK parents.