Money
What is Context ?
How young people experience life online
Nearly all children and young people spend money online. This can be through:
- the use of a parent or carer’s bank details
- pocket money
- gift cards
- a salary
- money earned online
Ways a young person might spend money online include:
- video games
- online shopping
- donating to a live-streamer
- food, like delivery apps
- in-app purchases, like content subscriptions
- gambling
- investments, like cryptocurrencies
They might lose money due to:
- fraud and malware, like. phishing
- in-game scams
- gambling, including skin gambling
- failed investments
- accidental purchases
There are several ways a young person can make money. These include:
- advertising or promoting products
- selling physical or digital goods
- selling services, like writing or web design
- live-streaming
- professional gaming
- vlogging
- gambling
- investments
Motivations and risks
Risks
There are risks associated with making, losing and spending money online, like:
Motivations
There are many reasons why a young person might spend or make money online. These include:
- entertainment
- everyday life, like food or travel
- status
- to express themself
- to improve an experience, like boosts in an online game
- pressure from advertisers, influencers, or peers
- pressure from the online spaces they visit
- independence
- interest in finance, investment, or trading
- boredom
- to support an interest like live-streaming, or professional gaming
- a way out of poverty
Benefits and opportunities related to spending and making money online include:
- receiving goods like physical products, or in-game advantages
- profit, for example, from investments
- financial independence
However, children can encounter many risks when wanting to spend or make money online. They may lose sums of money, or encounter related harms, like being scammed or engaging with gambling. They may also be exposed to criminal offences, like the sale of illegal goods and services, or money muling.
Young people’s voice
Young people’s experience of the context
I think I’ve always felt in society it’s a taboo subject that people don’t really talk about that often, and when you do bring it up everyone’s a little bit sheepish to talk about it, so I’ve always found it hard because like where do you get the information from, it’s not something you’re just born knowing, you have to learn about it somehow, but if people are so strange about talking about it then where are you supposed to get the information from, and if you do research online there’s an overwhelming amount of different information.
19-year-old
Your Money your Life report: Experiences of young people's borrowing: Coventry University 2023
I don’t know if you’ve heard of Monzo, but I use their pot system. I find that really helpful, where you basically are able to set aside money for certain things. So I put rent in a pot, rent, food, et cetera, and you can’t touch it. You literally can’t touch it. Well, you can, you can take money from it, but it stays aside from your main balance which I find... then you know how much money you have left for the month.
21-year-old
Your Money your Life report: Experiences of young people's borrowing: Coventry University 2023
Where young people explore money online
Read more about money
Share your experiences with regards to spending or making money online
You can tell us about:
- other terms you might have heard
- conversations you’ve had with young people
- a related platform or app
- another related risk or harm