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Kids received record £5.25 pocket money a week in 2019

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Parents handed out an average of £5.25 a week in pocket money to each child last year, a 7.5% increase from 2018, according to research.

A survey of 25,000 4-14-year olds by pocket money app, RoosterMoney, found 74% of parents gave regular pocket money last year.

Kids saved 38% of their pocket money, significantly more than the average adult, who saved 6.8% of their income, according to The Money Charity.

The most popular things to save for were lego sets, phones and a Nintendo Switch.

The most lucrative chore was mowing the lawn, which pocketed the average child £2.86. Washing the car brought in £2.62 on average, while parents handed over £2.08 on average for gardening.

The most entrepreneurial age group was nine-year olds, who boosted their income by selling old games and books, averaging £22.56 per sale.

Will Carmichael, chief executive of RoosterMoney, said: “44% of what we do every day is said to be put down to habit – so seeing these savings habits develop so early is extremely encouraging.

“Starting to engage your kids with money early by creating teachable moments around the home can help cement positive habits that last a lifetime.”

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