How much are you giving your children?
Children and teenagers are in luck financially at the moment – there’s been a rise in pocket money.
On average, youngsters now get £6.55 a week from their parent or guardian, marking the highest figure seen since 2007.
It’s also a pay rise of nearly 6% compared with 2015, when the average weekly pocket money payout was £6.20.
More than four-fifths now receive pocket money, which is also higher than the percentage in 2015.
It appears that boys have more to celebrate than girls though.
Research among eight to 15-year-olds found on average, boys get a weekly allowance of £6.93, compared to just £6.16 for girls – with this significant pocket money gender gap making boys more than 12% better off.
Looking at how different age groups fare, the Halifax Pocket Money Survey also found nine- year-olds get the least pocket money, at £4.68 on average, while 14-year-olds receive most, at £8.03 typically.
Parents tend to start giving out pocket money when their child is aged six to seven.
Despite general pocket money increases, more than two-fifths of children still think they should get more.
The rebound in weekly pocket money payouts still has some way to go before it hits a previous record average of £8.37, reached in 2005.
Head of Halifax Savings Giles Martin 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.”
According to the research, nearly four-fifths of children save some of their pocket money, up 70% from the 2015 results.