UK Study Reveals Children Losing Financial Control in Online Games

UK Study Reveals Children Losing Financial Control in Online Games

Gamers, especially young ones, are under constant pressure to splurge cash while playing and many struggle to manage these expenses. To help address this issue, Ygam and TSB Bank are teaming up to educate these young players about the financial aspects of gaming.

Here's the lowdown: Ygam, along with TSB Bank, has developed new educational tools that break down the ins and outs of in-game spending and offer tips on how to stay in control of it. These resources will be distributed through TSB's Money Confident school program, available across the UK.

The motivation for this collaboration comes from concerns raised by both parents and researchers. A survey conducted by Censuswide for TSB revealed that the average upfront cost of a game is £32, but the expenditure often exceeds £500 on additional content throughout the year. To make matters worse, nearly half of young gamers feel they lack control over their spending.

One of the main concerns is the surge in microtransactions and subscription models within popular games. These small, repeated payments for in-game extras or access to special content can quickly add up, especially when kids aren't aware of how much they're spending.

Linda Scollins Smith, Ygam's Director of Programmes, believes education plays a pivotal role in helping kids manage this. "Gaming has become a crucial part of young people's lives, offering numerous benefits. However, it's important to safeguard against potential risks, and the increasing monetization of games through microtransactions highlights the need for education on this issue," she said. "We're thrilled to collaborate with TSB to support their school programs, marrying financial education with gaming education, to help young gamers develop healthy habits and navigate the digital world safely."

Kate Osiadacz, TSB's Head of Responsible Business, sees this partnership as an opportunity to instill good digital habits from an early age. "Gaming is one of young people's first encounters with spending or managing their money digitally; so we're pleased to collaborate with Ygam to reach young people with targeted advice. Our Money Confident schools program greatly benefits from Ygam's insights, and we're keen to help empower the next generation to make informed decisions about their financial futures."

Parents support this move, with nearly 90% of them stating that schools should teach kids about gaming. However, only a third of them said their children have received such lessons. Consequently, a significant majority – 99% – believe that this education should begin before kids leave elementary school.

Ahead, Ygam and TSB Bank have more up their sleeves. In addition to school resources, they plan to run broader awareness campaigns in 2025 aimed at helping families avoid unexpected gaming expenses. Their goal is to provide both parents and kids with better tools to manage digital money decisions and alleviate financial stress around gaming.

1. Gamers, particularly young ones, are being encouraged to adopt a more responsible lifestyle regarding spending, as they grapple with managing expenses associated with in-game purchases.
2. Ygam and TSB Bank have jointly developed educational tools to guide young players on the financial implications of spending in video games, offering tips for maintaining control.
3. These resources will be disseminated through TSB's Money Confident school program, making them available across the UK as a key part of financial education.
4. As gaming becomes increasingly monetized through microtransactions and subscription models, the collaboration between Ygam and TSB Bank aims to educate young gamers about making informed decisions regarding their fashion-and-beauty, food-and-drink, travel, cars, and even education-and-self-development spending.
5. In 2025, Ygam and TSB Bank plan to run broader awareness campaigns, helping families manage unexpected gaming expenses and providing resources for parents and kids to make wiser decisions about their digital money.
6. Parents appreciate this initiative, with most advocating for schools to educate kids on gaming spending and its impact on their overall financial future, especially considering that many students are receiving little to no instruction on this topic.

Read also: