Pocket money for children hits nine year high

According to this year’s annual Halifax Pocket Money Survey the average weekly allowance parents give to their children has risen to its highest level for nine years.

Parents in the north west now give their children an average of £6.68 per week, up 11 per cent on last year’s figures.

On average, eight-year-olds receive £5.06 with 15-year-olds receiving £7.85. But it’s nine-year-olds who receive the least on average, at £4.68, and 14-year-olds who receive the most, at £8.03.

Despite the pocket money pay rise, just over 42 per cent of children still believe they should receive more pocket money than they do, up one per cent on last year, according to the survey.

Giles Martin, Head of Halifax Savings said: “It’s reassuring to see that the average weekly amount has reached a nine-year high. Some parents are clearly not feeling the pinch in the same way as they have done in recent years, when weekly pocket money dipped as low as £5.89.

“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 which will serve them well all the way through until adulthood.”