Pocket Money Rates Going Down

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New research has revealed that the amount of pocket money children receive has fallen over the last year and pocket money is now at a record 7 year low!

The average pocket money so far for 2010 is £5.89. The gender gap seems to have closed considerably this year with boys on £6.08 receiving 40p more than girls, who get £5.70. In 2009 boys were receiving an average £6.88 compared to £5.58 for girls. The gap between the amount of pocket money received by older and younger children continues to close with children aged 8-11 receiving £4.57 per week and children aged 12-15 getting £7.02 per week.

Pocket Money Highest in Wales

It seems that children in Wales top the pocket money charts with an average of £7.77. In London children have seen a massive drop of
Pocket Money's Going Down
almost £3.00 from £10.79 to £7.77. Those in the South West and East Anglia receive £5.05 and £5.23 respectively.

Although pocket money has fallen over the past year, around half of children think they get the right amount whereas 42% think they should get more. Almost two fifths of children think their friends get more pocket money than them, with around a quarter thinking they get about the same. Almost a third of children never talk about the amount of pocket money they receive with their friends.

25% Save

A quarter of children save at least half their pocket money, compared to almost half last year. Almost a third of children do not save any of their pocket money. The average amount of pocket money saved is around £2.15 per week.

If children do see something expensive they want, over a third of them will save to buy it. However, two fifths are more likely to ask for the item as a Christmas or birthday present. And the good news is that more than three quarters of children are interested in learning more about savings.

Flavia Palacios Umana, head of savings products at Halifax, who commissioned the survey, said: "It is encouraging to see that children are still saving, despite the amount of pocket money falling. Teaching children how to manage their own pocket money is a great first step to building good financial awareness in our youngsters. Developing the habit of saving a little and often will stand them in good stead in later life as they will able to see their savings mount up over time"

September 2010

Research carried on by tns from 26th August to 2nd September 2010. 1204 children across Great Britain aged 8 to 15 were interviewed.

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