Girls get more pocket money than boys for first time in a decade
In the past year, boys’ pocket money has dropped by 14p, meaning they receive 18p less than girls per week.
While girls are getting more pocket money than boys for the first time in a decade, the annual Halifax pocket money report found that the average amount received has fallen for the first time in four years.
The average weekly amount is £7.01, a 3p drop on last year’s figure. But kids in the capital are benefitting the most, raking in an average £8.18.
Children in the Highlands get the highest rate outside London, with an average of £8.11 a week, while those in the South East of England receive the lowest average amount, at just £6.19.
A quarter of parents make their children earn their pocket money by doing housework and chores, and nearly half (48%) would withhold pocket money if these jobs are not done properly. Half (51%) of parents said they would stop giving pocket money as a way to punish bad behaviour.
Parents opt to give kids cash (84%) while one in five pay it direct to children’s bank accounts. Just 3% pay pocket money via an app. The majority of children (76%) save their money in a piggy bank.
Around a third (36%) of parents said they give their children enough pocket money to enable them to understand the value of money and the benefits of saving. More than half (54%) said they believe their children are good at managing money, and four in five (80%) said they feel their kids understand the value of money.
Giles Martin, head of savings at Halifax, said: “It’s great to see that so many parents still encourage their kids to save, and are using pocket money as a means of helping them learn to manage their finances early on. With so much new technology at people’s fingertips, it is surprising to find that the humble piggy bank is still such a firm favourite among both parents and children, and as yet only a few early adopters are using the digital tools available to pay their kids pocket money.”