The average child receives £7.04 in pocket money each week, yet 41% of kids say they aren’t getting enough cash from their parents.
Research by Halifax shows that in 2016 the average pocket money given to kids rose by 49p compared to 2015 and is now at its highest level since 2007.
Pocket money has risen by more than 500% in the last two decades, from £1.13 in 1987 to £7.04 today. Despite this, 41% of schoolchildren say they should get more cash from their parents. Many believe they receive less pocket money than their parents did.
Moneywise is campaigning to increase the quality of financial education, and Halifax research shows that youngsters are likely to pick up savings habits – both good and bad – from their parents.
More than three-quarters of adults (76%) say they had a piggy bank as a child and around two-thirds continue to use one today. But while adults move towards a cashless society, kids still love collecting coins. The research shows 80% of children use a piggy bank to save cash.
There has also been excitement about the launch of the new pound coin. Around 44% of kids said they would save their first new coin and deposit it in their piggybank for safe keeping.
Giles Martin, head of savings at Halifax, says: “Regardless of the amount of pocket money they receive, it’s important for children to think about saving.
“Having somewhere to save pocket money, be it a piggy bank or savings account, is a helpful tool for adults teaching those lessons.”