GoHenry 2022 Youth Economy Report Reveals New Earning Habits of Kids in the U.S. | Business


NEW YORK–(BUSINESS WIRE)–Feb 16, 2022–

GoHenry, a pioneer in youngsters’ debit playing cards, cash administration, and monetary schooling, as we speak launched their 2022 Youth Economic system Report focused on earnings, displaying youngsters and youths within the U.S. are centered on entrepreneurship, selecting to earn more money by way of next-gen pursuits akin to on-line gaming and investing in cryptocurrency.

US youngsters earned a complete of $26 billion in 2021*, which incorporates weekly allowances, paid duties accomplished and items. Common weekly earnings are $11.17, up 16% from the earlier yr and the common weekly allowance is $10.48. Nonetheless, barely over one-third (34%) of children say they don’t earn sufficient allowance and consider they need to be incomes, on common, an extra $55 monthly**. (See: Methodology for information sources and citations)

The bulk (78%)** of children say it is essential to earn their very own cash, and are taking issues into their very own fingers. Along with part-time jobs, paid duties, allowances, and babysitting, youngsters made cash in these prime enterprising methods:

  • Pet-sitting and canine strolling (41%)
  • On-line gaming (35%)
  • Promoting issues on-line (34%)
  • Social media influencer (29%)
  • Investing / buying and selling shares (28%)
  • Content material creator (28%)
  • Investing in cryptocurrency (27%).

The second US Youth Economic system Report additionally reveals that the amount of cash that younger individuals earned from particular person paid chores, which might be set as duties and managed within the GoHenry app, continues to extend. Paid duties are an introduction to the world of labor and form youngsters’ view of funds.

US youngsters earned $3.1 billion from finishing paid duties in 2021***, up 8% from the earlier yr. To spice up their earnings potential, youngsters ought to proceed to deal with the 5 best-paid duties per week:

  • Homework ($1.93)
  • Tidying their room ($1.67)
  • Vacuuming ($1.55)
  • Loading and unloading the dishwasher ($1.23)
  • Placing their garments away ($1.05)

“On this strong financial system, youngsters are entrepreneurial methods to help their financial savings and spending targets. We see Gen Z and Gen Alpha taking up an growing variety of paid duties and growing their enterprise savviness with a purpose to enhance their incomes potential. Nonetheless, they earn a greenback, understanding the worth of cash is significant to a powerful basis of economic schooling. At GoHenry, our aim is to make sure that as soon as they earn, they’re assured in managing a finances, setting financial savings apart, and spending responsibly – and children agree. Over 80% say having good cash administration abilities will assist them of their future profession,” stated Dean Brauer, Co-Founder and President of GoHenry.

Altering incomes habits may additionally impression the kind of jobs youngsters take sooner or later. Nearly half (47%)** of children say their prime precedence is doing one thing they’re captivated with whereas additionally incomes a excessive wage. Youngsters and youths recognized their prime 10 most well-liked professions**:

  • IT / software program / app developer / gaming
  • Healthcare
  • Engineer
  • Finance
  • Meals / restaurant / cafe
  • Vet
  • Social media influencer
  • Magnificence
  • Graphic design
  • Instructor / schooling

The report states {that a} quarter of younger individuals (25%)** now aspire to begin their very own enterprise, fairly than work for an organization or startup. As such, their first expertise of labor is more and more more likely to contain being their very own boss.

The Youth Economic system Report options information from over 52,000 US GoHenry members who opted in from January 1, 2021 to October 31, 2021. GoHenry’s full Youth Economic system Report is offered for obtain at gohenry.com.

Information and Methodology

Until acknowledged in any other case, information was taken from a pattern dimension of 52,068 GoHenry members aged 6-18 years outdated who have been energetic on their accounts from 1st Jan 2021 – 31 October 2021.

* Based mostly on 52,068 energetic GoHenry customers within the US, between 1 January and 31 October, 2021 Upweighting was accomplished by calculating the overall earnings per GoHenry member (who obtained an incomes by way of allowance, duties, or giftlinks) and multiplying that by the overall inhabitants of kids aged 6-18 within the US. These inhabitants estimates have been drawn from the US Census Bureau and UN Division of Social and Financial Affairs (2019).

** Client survey was carried out by Censuswide in December 2021 with 2,007 kids (age 6-18) within the US.

*** Based mostly on 52,068 energetic GoHenry customers within the US, between 1 January and 31 October, 2021. Upweighting was accomplished by calculating the duty earnings per GoHenry member (who used the function) and multiplying that by the overall inhabitants of kids aged 6-18 within the US. These inhabitants estimates have been drawn from the US Census Bureau and UN Division of Social and Financial Affairs (2019).

About GoHenry

Launched in 2012, GoHenry is a monetary expertise firm with a mission to make each child sensible with cash. The GoHenry debit card and monetary studying app is designed for teenagers ages 6 – 18. Guardian and youngster apps present instruments to assist youngsters study cash by incomes, saving, spending responsibly, giving, and extra, all with parental oversight. Plus, the GoHenry app consists of in-app cash classes known as Cash Missions. Developed with lecturers & monetary schooling consultants, missions observe Nationwide Requirements in Okay-12 Private Finance Schooling. With Cash Missions, youngsters can watch movies, take quizzes, earn factors & badges whereas gaining cash abilities for all times. Missions cowl cash fundamentals, investing, saving, compound curiosity, borrowing, giving, and far more.

GoHenry is inspiring a world motion of over 2 million members who fiercely consider that being good with cash is an important life ability. For extra data, go to GoHenry.com or observe @gohenry on Twitter, Facebook, and Instagram.

Within the US the GoHenry card is issued by Neighborhood Federal Saving Financial institution, member FDIC, pursuant to license by Mastercard Worldwide.

View supply model on businesswire.com:https://www.businesswire.com/news/home/20220216005197/en/

CONTACT: Gregory Papajohn

917-287-3626

gregory@archiegroup.com

KEYWORD: UNITED STATES NORTH AMERICA NEW YORK

INDUSTRY KEYWORD: PROFESSIONAL SERVICES CONSUMER TEENS CHILDREN FINANCE BANKING

SOURCE: GoHenry

Copyright Enterprise Wire 2022.

PUB: 02/16/2022 08:45 AM/DISC: 02/16/2022 08:47 AM

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GoHenry 2022 Youth Economy Report Reveals New Earning Habits of Kids in the U.S. | Business

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