Young people today are honing their entrepreneurial skills and finding work online, a marked difference from the jobs teenagers had in the past.
Getting a job is a rite of passage for many young people. While it’s good to prepare our kids for their future careers – all part of how to raise happy kids – and be aware of what teenagers view as the most important job, we all have to start somewhere when we enter the world of work.
But whereas we might have started by delivering newspapers, babysitting or dog walking, many of today’s kids are making their money selling things online or even ‘influencing’ – a far cry from what we might consider as more ‘traditional’ first jobs.
According to new research for Starling Bank, almost four in 10 children (38%) have a ‘side hustle’, including a third of children (33%) aged six to nine. Meanwhile, 61% of parents say their kids will negotiate how much they’re paid for doing specific tasks, with a pay rise of 34% being the average. Starling Bank’s family finance expert Rachel Kerrone says, “Children seem to be smarter than ever with money.”
Some of the most popular ways for children to earn extra money are those we all recognise: looking after siblings, washing the car, helping out in the garden and walking the dog are all still common.
However, kids are about three times more likely to sell items online than they are to have a traditional paper round. Only around 4% of kids have a paper round, while 12% sell things online. And just as many (6%) earn money for completing online surveys as they do for babysitting. 3%, meanwhile, aspire to earn money from being an influencer.
The money soon adds up, too, with children earning around £474 a year on average from side hustles – not a sum to be sniffed at when it comes to buying the latest must-have trainers or video game.
Mum-of-two Lucy, says "My child said he wanted to make some extra money, and he'd seen me selling things on Vinted. He asked if he could do the same and I agreed. I had the app on my phone and responded to all queries, but he was responsible for sorting through his possessions to find things to sell, taking photos of them to upload, and writing descriptions. We have a parcel drop-off just over the road, so he also took all the parcels over once he sold things.
He really enjoyed the process and seeing the amount of money he made slowly build up. He was specifically saving for something, and not only was he delighted when he reached his money target, it was a good opportunity to teach him that getting the things you need takes work, and also how building a side hustle needs time and effort."
In other money news, Tooth Fairy tax is a thing, and it's doubled within a generation, while here’s how to make money as a teenager. Also, how much pocket money should you give? £8.35 is the going rate according to new data.
