Pocket money rising twice as fast as wages

Good news for the children this morning! According to a report by The Mirror, children’s pocket money has risen by  448% since 1987!

The research which was conducted by Halifax has revealed that the average weekly pocket money from parents is £6.20, compared to £1.13 30 years ago.

Giles Martin, head of Halifax savings has told The Mirror: ‘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.’

The research also shows that fewer children these days are expected to earn their pocket money by carrying out chores or running errands, only 59% of children are expected to earn their money as a pose to the 65% last year.

I think it is quite important to teach children the value of money from a young age and by getting the kids to earn their pocket money by doing odd jobs and chores around the house, they can really grasp the idea of working hard for what they have.

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