UK Wedding News
21/08/2015
The average amount of pocket money given to children has increased by 448% since 1987, according to a new study.
The research, the Halifax Annual Pocket Money survey, which commenced in 1987, has found that pocket money given to those between the ages of eight and 15 has increased substantially over the years, when compared to just a 193% increase when it comes to their parents' income. This is a net difference of 255%.
Currently, the average weekly amount of children's pocket money stands at £6.20.
However, the number of children expected to work for the money, such as doing household chores, has fallen within the past year to 50%. This compares to 65% of kids who expected to work in return for their weekly allowance in 2014.
Looking at the tasks children have to do, tidying the bedroom is the most common chore (64%), followed by the washing up (35%), cleaning (35%) and vacuuming (30%). Meanwhile, for 26% of kids, they also count doing their homework as one such job in exchange for receiving pocket money.
Interestingly, the study found fewer girls are being asked to do chores in return for their weekly allowance compared to boys. Last year, for example, 66% of boys and 65% of girls were expected to do work around the house, but the gap has widened this year, to 64% of boys and 53% of girls.
In addition, children aged 11 are most likely to have to complete chores in return for their pocket money, with 64% carrying out tasks.
Commenting on the findings, Giles Martin, Head of Halifax Savings, said: "Our research shows most parents are clearly very generous when it comes to how much pocket money they give their children, having given higher percentage increases, on average, than they've seen in their own pay packets for many years.
"It's surprising to see that in the last year, the number of parents who ask their children to do chores in return for their pocket money has decreased. Earning money can help children understand its value as well as giving them the opportunity to build strong savings habits from a young age."
(JP)
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Children's Pocket Money Increases – Study
The average amount of pocket money given to children has increased by 448% since 1987, according to a new study.
The research, the Halifax Annual Pocket Money survey, which commenced in 1987, has found that pocket money given to those between the ages of eight and 15 has increased substantially over the years, when compared to just a 193% increase when it comes to their parents' income. This is a net difference of 255%.
Currently, the average weekly amount of children's pocket money stands at £6.20.
However, the number of children expected to work for the money, such as doing household chores, has fallen within the past year to 50%. This compares to 65% of kids who expected to work in return for their weekly allowance in 2014.
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Looking at the tasks children have to do, tidying the bedroom is the most common chore (64%), followed by the washing up (35%), cleaning (35%) and vacuuming (30%). Meanwhile, for 26% of kids, they also count doing their homework as one such job in exchange for receiving pocket money.
Interestingly, the study found fewer girls are being asked to do chores in return for their weekly allowance compared to boys. Last year, for example, 66% of boys and 65% of girls were expected to do work around the house, but the gap has widened this year, to 64% of boys and 53% of girls.
In addition, children aged 11 are most likely to have to complete chores in return for their pocket money, with 64% carrying out tasks.
Commenting on the findings, Giles Martin, Head of Halifax Savings, said: "Our research shows most parents are clearly very generous when it comes to how much pocket money they give their children, having given higher percentage increases, on average, than they've seen in their own pay packets for many years.
"It's surprising to see that in the last year, the number of parents who ask their children to do chores in return for their pocket money has decreased. Earning money can help children understand its value as well as giving them the opportunity to build strong savings habits from a young age."
(JP)
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