Gamer kids make a quick buck as they snub money
IT LOOKS like game over for cash among the younger generation, as children demand pocket money is paid in digital gaming currencies such as Roblox and Fortnite instead.
Six out of 10 parents say their children prefer Roblox game currency Robux, Fortnite currency V-Bucks or Minecraft currency Minecoins to getting cash in their pocket.
These currencies are used to buy in-game kit and upgrades, and children would rather have 1,000 V-Bucks to spend on outfits, pickaxes, wraps and battle passes, than a £10 note in their pocket to spend in the shops.
Many parents worry about trying to curb the time children spend playing these games but they can also use them to pass on valuable personal finance skills, according to research from children’s allowance and chores app RoosterMoney. Chief executive Will Carmichael said: “In the virtual world, the fundamental principles of earning, saving, spending and giving remain the same.”
Teaching children to manage their gaming allowance rather than blowing it all at once can help them budget in later life.
Gifting video currency can teach children the value of living within their means, provided parents do not give into pester power if they overspend and constantly demand more gaming credit.
“Track their spending on these games and apps and make sure they understand this money has to be earned in the real world,” he added.
Children find these platforms engaging but make sure they are learning the right financial lessons online for the future.