TSB brings expert onboard to warn parents and children over in-game purchases

credit: DANIEL CONSTANTE/Shutterstock
credit: DANIEL CONSTANTE/Shutterstock

UK bank TSB has launched an educational module in schools across the country to highlight the importance and dangers of overspending on popular gaming platforms. 

This comes timely as spending on these gaming platforms, such as Fortnite, increases over the festive season. TSB has brought in gaming expert Andy Robertson to highlight some of the gaming purchases that could lead to households having to pay for hefty bills. 

Worth over £7.82bn in the UK and with more than 10.4 million users, the gaming industry is a giant entertainment sector with its own competitive element in the form of esports. Despite this, it has faced some criticism for making in-app and in-game purchases to children.

TSB found that in-game spending options on platforms such as Epic, where spending has increased by 85% in the last five years, leads the way, with Fortnite (59%), Roblox (57%) and Steam games (19%). 

Furthermore, an accompanying poll of 2,010 gamers revealed that they spend on average £540 a year through a combination of in-game purchases and subscriptions, while the average spend of an initial game purchase is £32. 

The survey also found that half (52%) of respondent gamers have overspent on their purchases. What may be more alarming is that 47% of respondents state that they have felt out of control when spending money in-game. 

Robertson, a gaming author and expert, has been advising parents to manage the control of their children’s spending in-game if possible, whilst also advising them to be wary of spending limits and if they are applicable on gaming platforms. 

He said: “I regularly advise parents on healthy family gaming, and an important part of this is understanding the potential for in-game spend. Especially how to avoid unexpected costs by ensuring the right controls are in place.

“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.”

To raise awareness on the potential impact in-game purchases can have on current and future personal finances, TSB alongside Robertson have increased the number of educational modules within schools. 

Delivered by TSB employees to schools with high pupil premiums, the schools programme will provide insight and support to young people on how to manage money, including what to be aware of when gaming. 

Nikkie Spencer, Director of IT, TSB, added: “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.”