Pocket money falls to £6.20 a week

Pocket money

The amount of weekly pocket money children for is £6.20 on average, down 2.4% on the same time last year.

It's the second year in a row that there has been a fall in the amount of pocket money kids get, having dropped from a record high of £6.50 a week in 2013.

The number of children who receive money has also declined by 4 percentage points since last year to 78%.

Boys do better in the pocket money stakes, receiving £6.25 a week on average, compared to £6.14 for girls. Aldo, 81% of boys get money weekly, compared to 74% of girls.

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Save or splurge?

The findings, which come from a survey conducted by Halifax, found that the majority (70%) of those lucky enough to get pocket money save at least some of it. A quarter save half and one in 10 save the lot.

However, despite most getting into the savings routine, some 43% of children prefer asking for an expensive purchase for their birthday or Christmas present instead of saving up.

Giles Martin, head of Halifax Savings, said: "A fall in the amount of pocket money children receive for the second year running shows the financial pressures that some households are still under, despite the improving economy. Nevertheless, parents will be pleased to know that on the whole, children are satisfied with the amount of money they receive."

He added: "Giving pocket money is a great tool to help children understand the value of money and why it is important to save. With one in 10 children now saving all their pocket money, and seven in 10 saving a least some of it, parents should be reassured by these positive behaviours, that if encouraged, could last into adulthood."


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