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Kids set to lose £92 million as old pound coins go out of circulation

Half of parents have admitted that they give less than £5 pocket money per week to their children, with 1 in 10 saying they don’t give anything—so what does the loss of the pound coin mean for kids?

In just over a month, the old pound coin will go out of circulation. Our research has shown that piggybanks full of coins still have a place in many families, even in today’s digital society. This means millions of children stand to lose a lot of money.

The research we conducted has revealed that over half (53%) of the 1,003 respondents with children aged 4-14 say their children have five or more old pound coins sitting in their piggybanks. A population of 18.5 million under 16 year olds indicates that over 92 million old pound coins are set to go out of circulation. After 15th October, these pound coins won’t be accepted by shops and can only be deposited in banks. As deposit limits vary bank to bank, families may find it very difficult to find a use for their old pound coins.

Our research also showed that parents and children alike were unaware of the October deadline for using old pound coins. A quarter (24%) of adults did not know that the £1 coin would be worthless after 15th October, while a third (37%) of parents believed their children to be equally unaware. A lot of the hard-earned old pound coins that children have saved up could easily go to waste without their knowledge! Now is the time to make sure these pound coins don’t get wasted.

When it comes to pocket money, half of parents have admitted that they give less than £5 per week to their children, with 1 in 10 saying they don’t give anything. That might be because 60% of children have never asked for an increase!

Half of kids spend their pocket money on toys, while one in three purchase games with their savings. When pocket money is made up of pound coins, it can be great for kids to have a small-spend passion to invest in.

 

*Figure based on 18.5 million under 16’s in 2016 each having an average of £5 of old pound coins.

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The research for brand was carried out by RWB between 11 / 08 / 2017 and 14 / 08 / 2017 amongst a panel resulting in 1,003 respondents. All research conducted adheres to the MRS Codes of Conduct (2010) in the UK and ICC/ESOMAR World Research Guidelines.

 

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