Pocket Money Rising Quicker Than Wages!

Research shows that pocket money rises twice as fast as wages in the UK.

16:34 24 August 2015

A recent study has found that the pocket money of kids in Britain has jumped by a whopping 448per cent since 1987.

 

The latest Pocket Money report from the Halifax shows that the average weekly pocket money of kids these days is £6.20. It was just £1.13 almost 30 years ago. In the same period, wages increased an average of 193per cent.

 

The research also found that 59per cent of kids these days are expected to do chores to earn their keep. It was 65per cent last year.

 

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.”