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Pocket money at seven-year low

The amount of pocket money children receive has fallen to a seven-year low, a survey has indicated.

The average child currently receives £5.89 a week, the lowest level since 2003, and down from £6.24 in 2009, according to high street bank Halifax.

The sum is nearly £2.50 lower than the £8.37 children aged between eight and 15 received each week when pocket money levels peaked in 2005.

Boys still receive more money than girls, but the gender gap in spending money has closed considerably compared with previous years.

The group found boys currently receive an average of £6.08 a week, 38p more than girls, but well down on the £1.30 more that they received last year, when they got £6.88 a week.

Unsurprisingly, older children receive more than younger ones, with those aged between 12 and 15 getting around £7.02 a week, while those aged between eight and 11 get £4.57.

Although pocket money has fallen during the past year, half of children think they get the right amount, although 42% think they should get more.

Only 23% of children save at least half of their pocket money each week, down from 49% last year, while 9% save all of their money. But 29% of children admit they do not save any of it.

Around 35% of children said they would save up if they wanted to buy something expensive, but 39% said they would ask for it for their birthday or Christmas and 18% would resort to pestering their parents until they bought it.

Children in Wales receive the most pocket money, at an average of £7.77, knocking those in London off the top spot, with children in the capital seeing their pocket money dive by nearly £4 during the past year to average £6.89. Children in the South West and East Anglia receive the least at £5.05 and £5.23 respectively.

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From Belfast Telegraph