TSB educates students and parents on in-game spending risks through school program
TSB has introduced a new educational module aimed at raising awareness about in-game spending, targeting both young gamers and their parents.
The initiative is part of TSB’s schools program, which focuses on improving financial literacy and helping young people manage money responsibly.
Gaming and financial awareness
The module comes as TSB data shows an 85% increase in spending on popular gaming platforms over five years, with average annual in-game spending now reaching £540 per gamer. While gaming offers benefits, TSB highlights the financial risks associated with in-game purchases, particularly for younger users.
Andy Robertson, a gaming expert and author of Taming Gaming, collaborated with TSB to highlight spending pitfalls in popular games. Robertson noted that in some cases, in-game purchases can double the cost of the game itself. For example, players of Sea of Thieves may pay £34.99 for the game but could spend up to £79.99 on additional content.
Robertson emphasized the importance of setting spending controls before gifting gaming consoles:
“Ahead of gifting a gaming console, it’s vital you download any updates, set up user profiles for each child, and implement spending limits. Then you're all set to enjoy the games safely – without unexpected dents in your finances.”
Robertson advises parents to take proactive steps, including:
Setting spending limits on consoles.
Creating child accounts with PIN protections for purchases.
Exploring resources like the Family Gaming Database for games without in-game spending options.
Monitoring children’s gaming activities to understand the platforms and purchases involved.
Having open discussions about the value of real-world currency and its connection to in-game spending.
Survey findings
A recent TSB-commissioned survey of 2,000 gamers revealed that 52% of respondents who overspent on in-game purchases had to cut back on daily expenses. Additionally, 47% of gamers reported feeling out of control when making in-game purchases.
The survey also found that 36% of those planning to gift a game this Christmas were unaware of in-game spending options. TSB highlights this lack of awareness as a potential source of unexpected costs for parents and gift-givers.
TSB’s schools program
TSB’s enhanced schools program educates students on the financial implications of in-game spending. Delivered by TSB staff in schools with high pupil premiums, the program equips young people with the tools to manage money effectively, including guidance on avoiding overspending in games.
Nikkie Spencer, Director of IT at TSB, said:
"Gaming has many benefits to young people, and for many, it often leads to their first interaction with spending or managing their money. That’s why we’re in schools, raising awareness of in-game spending and helping young people stay in control and be more Money Confident.”
