How much are you giv­ing your chil­dren?

Kentish Gazette Canterbury & District - East Kent Property - - MONEY LIVING -

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.

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