Parents loosen purse strings as Pocket Money increases
26 August 2013
- 8-15 year olds now receiving most money since 2007
The amount of pocket money parents are giving has increased from £5.98 last year to £6.50 in 2013, with the number of children receiving weekly pocket money also increasing, up 7% to 84% since last year.
The positive shift, revealed in the findings of Halifax’s Annual Pocket Money Survey, reflects a growing confidence in the current economic environment. It is also in stark contrast to last year’s survey when pocket money had fallen from the previous 12 months (£6.25 in 2011) with the average amount received now at its highest since 2008.
- The number of 8-15 year olds receiving weekly pocket money has increased from 77% in 2012 to 84%
- 53% of children think that they get the right amount of pocket money
- 75% save at least 25% of their pocket money
- 42% keep their pocket money in a bank or building society account
Richard Fearon, Head of Halifax Savings says:
“The responses that children have given to this year’s survey are extremely positive. Not only are more children getting pocket money, and more of it, but they are also more content with the amount that they are receiving.
“With a greater number of children now keeping their money in a bank or building society, and 75% saving at least a quarter of what they receive, they can use their pocket money to get first hand experience of managing their own money, which will be of real benefit as they grow up.”