Children in the UK earn nearly £700m in pocket money every year, research from Abbey has shown.

The research, which investigated chores and errands undertaken by the country’s 11-18 year olds, found that 27% of children have an odd job or errand which earns them money, with babysitting emerging as the most popular way for youngsters to make extra pocket money. This pays up to £4.24 an hour, with car washing coming in second as the most popular earner for 15% of young workers.

Steve Shore, head of abbey banking, said: “The research shows that British kids are making the most of earning opportunities like New Year’s Eve and as a result, the ‘odd job’ economy is thriving. As well as giving kids a boost to their pocket money, this is a great way for parents to show their children the value of money and teach valuable financial lessons.”