Pocket money is going direct on gaming

Parents are ditching traditional pocket money and paying children in “digital currency”, a survey revealed.

More than a quarter give youngsters money for use in gaming communities, such as Minecraft and Moshi Monsters or online services, such as iTunes. And 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 to transfer what is their pocket money straight into a savings account in the child’s name.