UK parents handing money digitally to kids, poll finds

UK flagUK flagBritish parents are forgoing traditional pocket money in favor of paying their children in digital means, according to a survey conducted by Censuswide for financial technology firm Intelligent Environments.

As reported by The Telegraph, more than a quarter of 2,000 UK parents polled said they paid their kids in digital currency for use in gaming communities such as Moshi Monsters and Minecraft and online services like iTunes.

Separately, one-third of respondents now opt to transfer a weekly amount into their kids’ digital bank account.

The poll found that about four in 10 parents decide not to give their children any pocket money and instead prefer to transfer funds into a savings account in the kids’ names.

Gary Monaghan, a 42-year-old father in North London, told The Telegraph that he gives his children pocket money digitally.

“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,” said Monaghan. “They don’t really ask for toys, sweets and football sticker books the way I used to – what they really want

Read more ... source: CoinReport