Kids Are In the Giving Spirit This Holiday Season, New Data Shows

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Financial literacy app and debit card gohenry releases data on how kids are spending, saving and giving during the holidays

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gohenry, the financial literacy app and debit card with unique parental controls for kids aged 6-18, today released data on the gift economy showing how children and their families are spending, saving and giving their money this holiday season.

To gather insights, gohenry tapped into its customer database and conducted a national survey with global research firm Censuswide. While this holiday season looks very different for most families, gohenry found the spirit of giving has continued strong, even amid the pandemic.

In a survey of 2,000 American kids, gohenry learned children felt happier giving gifts than receiving them: 56% of kids aged 6-18 surveyed say it feels better to give than receive presents, with girls more likely to say they prefer giving than boys (59% versus 53%, respectively). Parents were at the top of their shopping lists (72% planned to buy a gift for mom, 64% for dad), followed by siblings (53%), friends (37%) and grandparents (30%). Pets even got a look-in with almost a fourth (22%) saying they will be buying a gift for their furry friends.

Notable findings from gohenry’s U.S. members include:

  • More kids are planning ahead for the holidays: 25% of gohenry kids started saving for the holidays in January (up from 11% in 2019). In fact, kids collectively saved over $75k for the holidays alone this year.
  • Kids have ambitious holiday savings goals: The average goal set was $180, and the average amount saved towards the goal by the end of October had already hit $70, with children saving an average of 19% of their total earnings just for the holiday season.
  • More kids are saving for the holidays than ever before: The number of kids setting savings goals for the holidays grew by 92% year-on-year and the total amount saved was up 90% since 2019.
  • Kids proved to be very philanthropic this year: Charitable giving by gohenry users nearly doubled since last year - to date, more than $20,000 has now been donated to the Boys & Girls Clubs of America through the giving feature on gohenry’s app.

“I plan to buy all my Christmas gifts with the money I saved on my gohenry app,” said 17-year-old Lillie Shelor from Tampa, FL. “I think the holidays are the perfect time to show appreciation through gifts for my family and contributions to charities. It’s important to give back to the community all year round, but especially during the holidays.”

“We are ecstatic to see kids’ generosity shine through, even though this holiday season is difficult for many families. We are so proud to see kids using our app to make recurring charitable donations to create a positive impact in a tumultuous year,” said Dean Brauer, Co-founder and President of gohenry, North America. “Our goal is to empower families to help their kids learn crucial financial skills that they will carry on into adulthood, especially in times like these, where financial literacy is more important than ever. The core pillars of how to earn, save, spend and give is something that can stay with gohenry kids well into their adult life. Based on these latest stats, the future looks in safe hands.”

As families adjust to an online-first approach to all aspects of their lives, more kids are learning essential lessons with virtual tools, and money management and financial literacy is no exception. gohenry has seen increased demand as working from home and self-isolation has driven consumers online and escalated trends toward a cashless society for adults as well as children.

About gohenry
Launched in 2012 and based in the U.S. and U.K., gohenry is a debit card and app with unique parent controls designed specifically for 6-18 year-olds to help them learn good money habits in an increasingly cashless society. gohenry’s innovative app gives young people the freedom to learn and take charge of their own spending and saving in a safe environment, while the app's parent version allows parents to guide kids through the early stages of digital finance and make allowance easy. With gohenry kids gain experience managing digital money and cash. gohenry is building a global movement of over one million customers who fiercely believe that being good with money is a vital life skill. For more information, visit http://www.gohenry.com or follow us on Twitter, Facebook and Instagram.

In the US the gohenry card is issued by Community Federal Saving Bank, member FDIC, pursuant to license by Mastercard International.

In the UK the gohenry card is issued by IDT Financial Services Limited a principal member of Visa Europe. IDT Financial Services Limited is a regulated bank, licensed by the Financial Services Commission, Gibraltar. Registered office: 57-63 Line Wall Road, Gibraltar. Registered No. 95716.

Data taken from over 80,000 gohenry customer accounts from January - October, 2020.

Survey conducted by Censuswide, based on over 2,000 children in the US, aged 6-18 (with a minimum of 50 respondents in the following states in the US: Texas, California, New York and Florida) 33% aged 6-10, 33% aged 11-15 and 34% aged 16-18.

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Rachel Fiore
Just Drive Media
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