Children's pocket money hits nine-year high
The amount of pocket money parents give to their children has risen to its highest level in nine years with children now receiving £6.55 per week.
Not since 2007 have children had more, according to Halifax’s annual Pocket Money Survey.
Four in five children (81%) now get pocket money, with parents starting to dish out their pounds when kids are aged between six and seven.
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Boys are paid 12% more than girls, at £6.93 per week compared to £6.16 per week.
But encouragingly more children – at up to 79% - are also now saving their pocket money, up from 70% last year. Almost one in eight (12%) save it all.
When it comes to age, 10-year-olds are the savviest savers, with almost nine in 10 (88%) saving some or all of their pocket money, while children who live in London have the strongest savings habit, with well over nine in 10 (94%) saving some or all of their pocket money.
The findings highlight the important values pocket money can bring, as it enables children to understand the concept of saving from a young age.
Giles Martin, head of Halifax savings says: “Pocket money is a great training tool in money management and a fantastic way of instilling a sense of the value of money from an early age.
“Getting children to set aside even just a small amount each week can help them to develop a strong savings habit that will serve them well through to adulthood.”
However, despite the pocket money pay rise, just over two fifths (42%) of children believe they should receive more pocket money than they do, up 1% on last year.
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