Children's pocket money hits nine-year high

Published by Helen Knapman on 03 June 2016.
Last updated on 03 June 2016

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.

 

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.

(Click the image below to enlarge)


 

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