Whether they’ve earned money doing chores or gotten cash as a birthday gift, kids learn financial skills for the future when they make decisions about spending what they have saved up. Greenlight offers some insight into how kids spent their savings in the last year.
Greenlight is a smart financial resource for kids and parents that gives kids and teens a debit card that can be controlled via an app. Kids have the freedom to make their own financial decisions, but parents can set limits and ensure that spending mistakes don’t get out of control. Compiling data based on user activity from Dec. 2018 to Nov. 2019 Greenlight has created an infographic on kids spending habits in 2019.
In 2019, Greenlight users managed more than $150 million collectively. Kids saved that money for a variety of items including cars, college, computers and Christmas spending. On average, kids spent $91 per month. Of the money spent, 30 percent was used on food and groceries. The most popular places to shop among Greenlight users included Walmart, Amazon, Target and Starbucks.
Besides spending on themselves, Greenlight also gives kids the opportunity to give back. Users set aside $2.6 million to give back last year.
—Shahrzad Warkentin
Featured photo: Matthew Henry via Burst Shopify
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