TSB has launched an educational module in schools to help control the spending for add-ons in video games, which has skyrocketed in the last five years.
Representatives from TSB will go into classrooms to raise awareness of how quickly a huge bill can rack up, which can often be an unwelcome surprise for parents.
Gamers spend an average of £540 per year on in-game purchases and subscriptions, and over half (52%) of those who have bought extra content have overspent. This led to them having to cut back their spending on essentials.
Further, nearly half (47%) of gamers surveyed by TSB who buy additional features while playing have felt out of control in their spending.
The move comes ahead of Christmas, as a third (36%) of non-gamers were unaware there were options to spend within a game once it is purchased.
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In-game purchases are not included with the initial cost of a game, which in the case of Sea of Thieves is £34.99.
In this case, there are options to spend up to £79.99 on additional content, which will be hidden features or ‘adventures’ to explore in the game.
The arcade game Asphalt Legends is free to download and is available on game consoles like the PlayStation 5 and Xbox Series X as well as smartphones.
However, once you play the game, players can spend up to £89.99 at the click of a button for one transaction.
Helping kids ‘be more money confident’
Nikkie Spencer, IT director 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.”
The initiative’s partner, Andy Robertson, a gaming expert, 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.”
The issue of in-game spending caused the European Consumer Organisation, BEUC, to complain about popular titles such as Fortnite that have options to spend more in the game.
A group of 17 countries in the EU accused gaming giants including EA Sports of breaching EU consumer protection laws, as players cannot see what the true cost of the item will be in the future.
It also accused the developers of deliberately not making the price clear when purchases are made in-game. This is because of exchange rates between different currencies – the group says developers are misleading players, particularly children, into not being aware of the full cost.
There is no specific in-game regulation for purchases in the UK.
Robertson, TSB’s gaming expert, has provided six tips so gamers are staying in control of their gaming and finances.
Six tips to avoid hefty household gaming costs
- Ensure that spending limits are set up on consoles – that way, you will never go above your set limit.
- Set up child accounts that require a PIN to spend money on in-game purchases.
- Use resources like the Family Gaming Database to source games that don’t have additional spending options.
- Oversee your child’s gaming – and join in with them to understand the platforms they’re interacting with and whether purchases are good value.
- Have open conversations about spending in-game, as this can also be a valuable way of understanding the value of real-world currency.
- Before you wrap – set up the above controls and be ready to monitor and engage with your children.
